But losses since the last sale of homes are rare — owners aren't selling for a loss Most homes have declined in value from their peak, with an average drawdown of 9.7%. Just 4.1% of homes have lost value since their last sale, a smaller share than before the pandemic. Home values are up a median of 67% since last sale nationwide. 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 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