The U.S. housing market hit bottom at the end of 2011, beginning a long and steady recovery. Every month since then, home values have been rising - quickly at first, and then more slowly over the past year.
In July, for the first time in more than 3.5 years, home values fell slightly, according to Zillow’s July Real Estate Market Reports. The month-over-month dip is consistent with the national trend. Most U.S. housing markets have been leveling off, returning to normal after a few years of rapid recovery. The gradual slowing and tiny decline is healthy, Zillow’s economists say, compared to the bubble burst that led to the Great Recession.
The slowing is great news for buyers, who have been losing ground to rising prices for years. Here are nine markets where homes are losing value - even if it’s just a little.
- Washington, D.C. Homes declined in the nation’s capital by 0.5 percent between June and July, and they’re down 0.7 percent from a year ago.
- Cincinnati, OH. Homes in Cincinnati were also down in July, 0.5 percent month-over-month, but up 1 percent year-over-year.
- Baltimore, MD. Baltimore homes lost 0.3 percent of their value between June and July, and are down 0.6 percent over the past year.
- Phoenix, AZ. Phoenix lost 0.2 percent of its home value between June and July, but is still up 4 percent for the year.
- Sacramento, CA. Home values in Sacramento are up 5 percent year-over-year, but falling ever-so-slightly on a monthly basis, down 0.1 percent.
- Minneapolis, MN. Homes are down 0.1 percent in Minneapolis on a monthly basis, and up 2.6 percent annually.
- Boston, MA. Home value growth has slowed considerably over the past year in Boston, and now is falling on a monthly basis, down 0.1 percent.
Want to learn more about this trend? Check out Zillow Research.
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