53% have lost home value in the past year, the most since 2012

Home values are falling for more than half of U.S. households. New research from Zillow ® shows 53% of all U.S. homes have lost home value since last year — the highest share since 2012, the tail end of home value declines after the Great Recession.

But the vast majority of homeowners have seen their home values rise substantially in the time they’ve owned them — 67% growth at the median — and losses are rare; just over 4% of homes have lost value since they were last sold, a smaller share than before the pandemic.

National home value appreciation has been flat over the past year , but that average hides peaks and valleys by region, metro, neighborhood and all the way down to the individual property . As of October, 53% of homes have lost value over the past year as measured