More than half of U.S. homes have lost value in the past year, the highest share of declines since 2012, according to Zillow data. While 53% of homes have lost value, only 4.1% are worth less than their last sale price, with 1.6% down substantially. Owners still hold solid equity.

Zillow’s estimated home values have fallen, but most owners have solid equity. The national average drawdown from peak value is 9.1%, up from 3.5% in spring 2022. A report by Intercontinental Exchange found nearly 900,000 homeowners are underwater, the highest level in three years.

The biggest drops in home values have been felt in the West and South, with 49 of 64 major metros seeing declines. The Northeast and Midwest are holding up better, with only a few major metros seeing majority declines. The share of homes falling in value has climbed quickly, up from 16% a year ago.

While the share of homes worth less than their last sale price has risen, it is still lower than pre-pandemic levels. In hot markets during the pandemic boom, some losses are deeper. But as the report notes, these are not realized losses unless someone sells. Owners are holding out for a stronger market.

Read more at Yahoo Finance: More Than Half Of U.S. Homes Lost Value Over The Past Year, The Highest Share Since 2012, New Data Shows. ‘Homeowners May Feel Rattled’