{"id":75847,"date":"2023-02-22T05:00:59","date_gmt":"2023-02-22T13:00:59","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=75847"},"modified":"2023-02-21T16:33:08","modified_gmt":"2023-02-22T00:33:08","slug":"housing-market-loses-value-2023","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-loses-value-2023\/","title":{"rendered":"U.S. Homeowners Have Lost $2.3 Trillion in Value Since June Peak"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>The Bay Area housing market has lost more value in percentage terms than anywhere else in the country amid sluggish demand. Florida continues to see large gains.<\/i><\/strong><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>Home values are holding up better in the suburbs than in cities, which have seen an exodus of residents due to remote work.<\/i><\/strong><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>Millennials, who are now in their prime homebuying years, have experienced larger value gains than other generations.<\/i><\/strong><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>Asian homeowners have been disproportionately affected by home-value declines.<\/i><\/strong><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>Values in areas with high flood and\/or heat risk have held up better than values in areas with low risk, indicating that climate dangers aren\u2019t priced in.<\/i><\/strong><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The total value of U.S. homes was $45.3 trillion at the end of 2022, down 4.9% ($2.3 trillion) from a record high of $47.7 trillion in June. That\u2019s the largest June-to-December drop in percentage terms since 2008. While the total value of U.S. homes was up 6.5% from a year earlier in December, that\u2019s the smallest year-over-year increase during any month since August 2020. This is according to an analysis of <\/span><a href=\"https:\/\/www.redfin.com\/redfin-estimate\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Redfin Estimates<\/span><\/a><span style=\"font-weight: 400;\"> on more than 99 million U.S. residential properties.<img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-large wp-image-75848\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/02\/Aggregate-Value-1024x768.png\" alt=\"\" width=\"1024\" height=\"768\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/02\/Aggregate-Value-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/02\/Aggregate-Value-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/02\/Aggregate-Value-768x576.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/02\/Aggregate-Value-1536x1152.png 1536w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/02\/Aggregate-Value.png 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/span><\/p>\n<p><span style=\"font-weight: 400;\">The housing market has been shedding value because homebuyer demand has waned, which has also caused home <\/span><i><span style=\"font-weight: 400;\">prices<\/span><\/i><span style=\"font-weight: 400;\"> to fall from their peak. The median U.S. home sale price was $383,249 in January, down 11.5% from a peak of $433,133 in May, and up just 1.5% from January 2022.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Homebuyer demand slowed in large part because rising mortgage rates\u2014a consequence of the Federal Reserve\u2019s effort to curb inflation\u2014made purchasing a home more expensive. The average 30-year fixed mortgage rate was 6.36% in December. While that\u2019s down from the 20-year high of 7.08% in November, it&#8217;s roughly double the level from the start of 2022. Rates fell at the beginning of February, giving buyers some hope, but have since crept back up to December levels.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThe housing market has shed some of its value, but most homeowners will still reap big rewards from the pandemic housing boom,\u201d said Redfin Economics Research Lead <a href=\"https:\/\/www.redfin.com\/news\/author\/chen-zhao\/\" target=\"_blank\" rel=\"noopener\">Chen Zhao<\/a>. \u201cThe total value of U.S. homes remains roughly $13 trillion higher than it was in February 2020, the month before the coronavirus was declared a pandemic.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Zhao continued: \u201cUnfortunately, a lot of people were left behind. Many Americans couldn\u2019t afford to buy homes even when mortgage rates hit rock bottom in 2021, which means they missed out on a significant wealth building opportunity.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">We primarily use year-over-year comparisons rather than comparisons to the peak for the metro-level and demographic breakdowns in the remainder of this report, as different metros and groups saw home values peak at different times.<\/span><\/p>\n<h4><b>The Bay Area&#8217;s Housing Market Has Taken the Biggest Hit<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">The total value of <\/span><a href=\"https:\/\/www.redfin.com\/city\/17151\/CA\/San-Francisco\"><span style=\"font-weight: 400;\">San Francisco<\/span><\/a><span style=\"font-weight: 400;\"> homes fell 6.7% year over year to $517.5 billion in December (a $37.3 billion decline)\u2014a larger drop in percentage terms than any other major U.S. metropolitan area. Next came two other Bay Area markets: <\/span><a href=\"https:\/\/www.redfin.com\/city\/13654\/CA\/Oakland\"><span style=\"font-weight: 400;\">Oakland<\/span><\/a><span style=\"font-weight: 400;\"> (-4.5%) and <\/span><a href=\"https:\/\/www.redfin.com\/city\/17420\/CA\/San-Jose\"><span style=\"font-weight: 400;\">San Jose<\/span><\/a><span style=\"font-weight: 400;\"> (-3.2%). Only three other metros saw year-over-year declines: <\/span><a href=\"https:\/\/www.redfin.com\/city\/30749\/NY\/New-York\"><span style=\"font-weight: 400;\">New York<\/span><\/a><span style=\"font-weight: 400;\"> (-1%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/16163\/WA\/Seattle\"><span style=\"font-weight: 400;\">Seattle<\/span><\/a><span style=\"font-weight: 400;\"> (-0.4%) and <\/span><a href=\"https:\/\/www.redfin.com\/city\/2287\/ID\/Boise\"><span style=\"font-weight: 400;\">Boise, ID<\/span><\/a><span style=\"font-weight: 400;\"> (-0.3%). This analysis includes the 100 most populous metro areas, with the exception of Albuquerque, NM, which had insufficient data.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Pricey coastal tech hubs have experienced outsized declines in home values for a few reasons:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">They are among the most expensive markets in the country, which means home values had more room to fall.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">They have seen an <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-migration-trends-q4-2022\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">exodus<\/span><\/a><span style=\"font-weight: 400;\"> of residents during the pandemic because people prioritized space and affordability over proximity to the workplace.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">They were hit hard by tech layoffs and are home to many residents with significant investments in the stock market, which just had its <\/span><a href=\"https:\/\/www.cnbc.com\/2022\/12\/29\/stock-market-futures-open-to-close-news.html\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">worst year<\/span><\/a><span style=\"font-weight: 400;\"> since 2008. (It\u2019s worth noting that <\/span><span style=\"font-weight: 400;\">many laid-off tech workers are finding new jobs <\/span><a href=\"https:\/\/www.wsj.com\/articles\/laid-off-tech-workers-quickly-find-new-jobs-11672097730\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">quickly<\/span><\/a><span style=\"font-weight: 400;\">.)<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The good news for Bay Area buyers is that home prices are down and competition remains far lower than it was during the pandemic homebuying boom. San Francisco\u2019s median home sale price dropped 9.4% year over year to $1.3 million in January\u2014the second biggest decline in the country. The good news for sellers is that the steep decline in prices has lured some buyers back.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThree of my listings recently went under contract after sitting on the market for more than a month,\u201d said <\/span><a href=\"https:\/\/www.redfin.com\/real-estate-agents\/ali-mafi\"><span style=\"font-weight: 400;\">Ali Mafi<\/span><\/a><span style=\"font-weight: 400;\">, a Redfin real estate agent in San Francisco. \u201cThey all had a few showings here and there in the fall, but no buyer wanted to pull the trigger. And then suddenly in the new year, we had 10 or 15 people touring each property.\u201d<\/span><\/p>\n<p><em>Hover your mouse above the circles on the map below to see data for your metro area.<\/em><\/p>\n<p><iframe title=\"Report Section\" src=\"https:\/\/app.powerbi.com\/view?r=eyJrIjoiOTdhNzZhMDEtNDRiYi00OGMwLTk2MDYtYWQ1NzIwODY1MzU0IiwidCI6ImMyNTM2NzY1LTMxMzUtNGU0OS1hMGZiLTE1NDQzOGQyYzUxMyIsImMiOjF9\" width=\"960\" height=\"645\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<h4><b>Florida\u2019s Housing Market Is Holding Value Relatively Well<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">The total value of homes in <\/span><a href=\"https:\/\/www.redfin.com\/city\/11458\/FL\/Miami\"><span style=\"font-weight: 400;\">Miami<\/span><\/a><span style=\"font-weight: 400;\"> rose 19.7% year over year ($77 billion) to $468.5 billion in December\u2014the largest annual increase in percentage terms among the metros Redfin analyzed. Miami\u2019s housing market had roughly the same value in December as it did when it peaked in July at $472 billion.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Next came <\/span><a href=\"https:\/\/www.redfin.com\/city\/16463\/FL\/Sarasota\"><span style=\"font-weight: 400;\">North Port-Sarasota, FL<\/span><\/a><span style=\"font-weight: 400;\"> (+17.8%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/10200\/TN\/Knoxville\"><span style=\"font-weight: 400;\">Knoxville, TN<\/span><\/a><span style=\"font-weight: 400;\"> (+17.7%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/3478\/SC\/Charleston\"><span style=\"font-weight: 400;\">Charleston, SC<\/span><\/a><span style=\"font-weight: 400;\"> (+17.4%) and <\/span><a href=\"https:\/\/www.redfin.com\/city\/9711\/FL\/Lakeland\"><span style=\"font-weight: 400;\">Lakeland, FL<\/span><\/a><span style=\"font-weight: 400;\"> (+16.9%). Florida was home to six of the 10 metros with the largest annual home-value gains, in percentage terms\u2014even after Hurricane Ian caused billions of dollars in damage and displaced thousands of Floridians in fall 2022.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cFlorida\u2019s housing market is being sustained by folks moving in from the North and as of recently, the West Coast,\u201d said <\/span><a href=\"https:\/\/www.redfin.com\/real-estate-agents\/elena-fleck\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Elena Fleck<\/span><\/a><span style=\"font-weight: 400;\">, a Redfin real estate agent in <\/span><a href=\"https:\/\/www.redfin.com\/city\/13989\/FL\/Palm-Beach\"><span style=\"font-weight: 400;\">Palm Beach, FL<\/span><\/a><span style=\"font-weight: 400;\">. \u201cPeople are pouring in from New Jersey and New York, in large part because Florida has relatively affordable homes and no income tax. They can get a lot more bang for their buck here.\u201d<\/span><\/p>\n<h4><b>Suburbs Are Faring Better Than Cities<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">The total value of homes in American suburbs rose 6.4% year over year to $25.4 trillion in December. By comparison, the value of urban homes climbed 2.5% to $10.8 trillion. Rural homes\u2014which make up a relatively small portion of the housing market\u2014also fared better than cities, with total home value increasing 8.5% to $6.2 trillion.<img decoding=\"async\" class=\"alignnone size-large wp-image-75849\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/02\/Aggregate-Value-Urban-Class-1024x768.png\" alt=\"\" width=\"1024\" height=\"768\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/02\/Aggregate-Value-Urban-Class-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/02\/Aggregate-Value-Urban-Class-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/02\/Aggregate-Value-Urban-Class-768x576.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/02\/Aggregate-Value-Urban-Class-1536x1152.png 1536w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/02\/Aggregate-Value-Urban-Class.png 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/span><\/p>\n<p><span style=\"font-weight: 400;\">The suburbs came back into vogue during the pandemic while cities fell out of favor\u2014largely due to the shift to remote work and the housing affordability crisis.\u00a0<\/span><\/p>\n<h4><b>Millennials, in Prime Homebuying Age, Are Reaping Large Value Gains<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">The total value of U.S. homes owned by millennials rose 26.7% year over year to $5.6 trillion in the third quarter of 2022\u2014the most recent period for which data is available. Generation X saw the second largest increase (+18.4% to $13.9 trillion), followed by Baby Boomers (+12.9% to $18.1 trillion). The Silent Generation experienced a decrease (-6.7% to $4.4 trillion), as many of its members have passed away or moved into retirement homes.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Millennials are gaining more value largely because they\u2019re in prime homebuying age, which means they\u2019re purchasing substantially more homes than they were in recent years.<img decoding=\"async\" class=\"alignnone size-large wp-image-75850\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/02\/home_values_by_generation_fed_yoy-2-1024x683.png\" alt=\"\" width=\"1024\" height=\"683\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/02\/home_values_by_generation_fed_yoy-2-1024x683.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/02\/home_values_by_generation_fed_yoy-2-300x200.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/02\/home_values_by_generation_fed_yoy-2-768x512.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/02\/home_values_by_generation_fed_yoy-2-1536x1024.png 1536w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/02\/home_values_by_generation_fed_yoy-2.png 1800w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/span><\/p>\n<h4><b>Homes Endangered by Climate Change Keep Gaining Value Despite Rise in Natural Disasters<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Home values in places that face high risk from climate change have performed roughly the same or better as home values in places that face low climate risk\u2014an indication that climate risk isn\u2019t yet priced into the U.S. housing market.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The total value of homes in areas with high flood risk rose 8.1% year over year in December, outpacing the 5.5% gain in low-risk areas. Similarly, the value of homes in areas with high heat risk was up 7.3%, compared with 1.9% growth in places with low heat risk. Areas with high risk from storms and\/or fires saw values increase roughly the same amount, in percentage terms, as areas facing low risk. Drought was the only natural disaster for which home values climbed more in low-risk places (+6.6%) than in high-risk places (+3.7%).<img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-large wp-image-75851\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/02\/climate-risk-value-chart-1024x708.png\" alt=\"\" width=\"1024\" height=\"708\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/02\/climate-risk-value-chart-1024x708.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/02\/climate-risk-value-chart-300x207.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/02\/climate-risk-value-chart-768x531.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/02\/climate-risk-value-chart.png 1300w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/span><\/p>\n<p><a href=\"https:\/\/www.redfin.com\/news\/homes-climate-change-migration-survey-2022\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Research<\/span><\/a> <span style=\"font-weight: 400;\">has shown that most homebuyers are concerned about climate risks. But there are often other factors\u2014like affordability, proximity to family and\/or access to the outdoors\u2014that <\/span><a href=\"https:\/\/www.redfin.com\/news\/climate-migration-real-estate-2021\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">drive<\/span><\/a><span style=\"font-weight: 400;\"> them to high-risk places anyway. Five of the 10 most popular U.S. migration<\/span> <a href=\"https:\/\/www.redfin.com\/news\/housing-migration-trends-q4-2022\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">destinations<\/span><\/a><span style=\"font-weight: 400;\"> in the fourth quarter were in Florida, which faces high risk from both flooding and heat.<\/span><\/p>\n<h4><b>Asian Neighborhoods See Outsized Drop in Home Value<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">The total value of homes in neighborhoods that are majority Asian fell 0.7% year over year to $1.2 trillion in December. By comparison, majority Black neighborhoods saw a 5.8% gain (to $1.2 trillion), majority white neighborhoods saw a 6.9% gain (to $37.4 trillion) and majority Hispanic\/Latino neighborhoods saw a 7.9% gain (to $1.9 trillion).<img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-large wp-image-75852\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/02\/Aggregate-Value-By-Race-of-Tract-1024x768.png\" alt=\"\" width=\"1024\" height=\"768\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/02\/Aggregate-Value-By-Race-of-Tract-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/02\/Aggregate-Value-By-Race-of-Tract-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/02\/Aggregate-Value-By-Race-of-Tract-768x576.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/02\/Aggregate-Value-By-Race-of-Tract-1536x1152.png 1536w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/02\/Aggregate-Value-By-Race-of-Tract.png 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/span><\/p>\n<p><span style=\"font-weight: 400;\">One reason Asian homeowners may be losing more value than other homeowners is that many of them live on the West Coast, which has seen a relatively large dropoff in home value, Zhao said. Almost half of Asian Americans live in the West, with nearly a third in California alone, according to a 2021 <\/span><a href=\"https:\/\/www.pewresearch.org\/fact-tank\/2021\/04\/29\/key-facts-about-asian-americans\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">report<\/span><\/a><span style=\"font-weight: 400;\"> from Pew Research Center.<\/span><\/p>\n<h4><b>Methodology<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">This analysis uses the Redfin Housing Value Index\u2014a model that incorporates the <\/span><a href=\"https:\/\/www.redfin.com\/redfin-estimate\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Redfin Estimate<\/span><\/a><span style=\"font-weight: 400;\">, public records and MLS data to estimate the current and historical value of more than 99 million single-family homes, condos, townhouses and multifamily properties in the U.S. Current values (December 2022) were calculated using the Redfin Estimate, which is available in <\/span><a href=\"https:\/\/www.redfin.com\/redfin-estimate\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">most but not all<\/span><\/a><span style=\"font-weight: 400;\"> parts of the U.S. Historical values were imputed using public records and MLS data on price per square foot trends by zip code (or city, county, or state when zip-code data is insufficient). The Redfin Housing Value Index includes both existing homes and new-construction homes, and dates back to the year 2000. Homes are not added to the index until they are first built or sold.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Homes are determined to be rural, suburban or urban based on categories for the census tract of the property from the U.S. Department of Housing and Urban Development (HUD). HUD has<\/span><a href=\"https:\/\/www.huduser.gov\/portal\/AHS-neighborhood-description-study-2017.html#overview-tab\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\"> a model<\/span><\/a><span style=\"font-weight: 400;\"> that describes neighborhood types based on responses to the 2017 American Housing Survey.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Home values by race\/ethnicity are based on a classification of the home\u2019s census tract. We classified a census tract as Black, Hispanic\/Latino, Asian or white if more than 50% of owner-occupied households were owned by Black, Hispanic\/Latino, Asian or white homeowners from 2017 through 2021, according to owner-occupied household race data from the five-year American Community Survey. A census tract was classified as mixed race if no race had greater than 50% of the owner-occupied household share in the tract.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Home values by generation are based on the Distributional Financial Accounts <\/span><a href=\"https:\/\/www.federalreserve.gov\/releases\/z1\/dataviz\/dfa\/distribute\/chart\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">data<\/span><\/a><span style=\"font-weight: 400;\"> from the Federal Reserve.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Home values by climate risk are aggregated according to the climate-risk category they fall under. Climate-risk data for drought, fire, flood, heat, and storm comes from <\/span><a href=\"https:\/\/climatecheck.com\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">ClimateCheck<\/span><\/a><span style=\"font-weight: 400;\">, which has six different climate-risk categories for properties across the U.S.\u2014relatively low, low, moderate, high, very high and extreme. For this report, a \u201chigh-risk\u201d property is one that falls into the high, very high, or extreme category\u2014a score greater than 50. A \u201clow-risk\u201d property is one that falls into the relatively low, low or moderate category\u2014a score of 50 or less. The climate-risk data in this report is as of June 2022.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Bay Area housing market has lost more value in percentage terms than anywhere else in the country amid sluggish demand. Florida continues to see large gains. Home values are holding up better in the suburbs than in cities, which have seen an exodus of residents due to remote work. Millennials, who are now in [&hellip;]<\/p>\n","protected":false},"author":13346,"featured_media":75853,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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