Zillow just released their July 2024 home value data for every city and ZIP code across America, and with this release comes some interesting data on where home prices are declining the most in America on a month-over-month basis. In the chart below, you can see a list of the 10 metro areas that experienced the biggest drop in seasonally-adjusted home values from June to July 2024 according to Zillow.
You can see the consistent trend. Florida, Texas, Louisiana. Those are the states that are feeling the biggest home price declines right now, the biggest drop coming in Punta Gorda, FL, which saw a -1.0% seasonally-adjusted decline in July 2024.
Zillow’s seasonally-adjusted home value figures tend to “lag” the market slightly due to the adjustments they make to smooth out volatility. As a result, I wouldn’t be surprised if the value drops in these metros accelerate in future months, and if we begin to see a wider swath of America enter declining value territory in August.
Home Value Growth by State – July 2024
You can see the state-level breakout of home value growth in July 2024 broken out on the map below. According to Zillow, displayed on Reventure App below, there were 16 states which registered negative home value growth last month. They included, in order:
- Florida: -0.26%
- Louisiana: -0.26%
- Mississippi: -0.21%
- Texas: -0.18%
- Utah: -0.17%
To go along with Arizona, Colorado, Montana, Minnesota, Hawaii, South Dakota, Delaware, Maryland, and Vermont.
As you can see – home prices continued to go up in the 34 other states across America, particularly in New York, New Jersey, West Virginia, Rhode Island, and Kansas. Each of these states achieved +0.49% or higher monthly home price growth, which annualized to about 6% per year. Not bad considering the affordability constraints we’re experiencing today. The reason these areas continue to appreciate is because there is an inventory shortage and overall lack of supply.
Access Monthly Home Value Growth Data on Reventure App
You can access the monthly home value growth data for your city and ZIP code on Reventure App. The data point is called “Home Value Growth (MoM”) and is located under the Home Prices & Affordability section. This data is accessible under a premium plan for every ZIP code in America for a cost of $39/month.
Make sure to sign up and see how your county and ZIP code is fairing in monthly home value growth. This data point gives more of a real-time analysis than the more commonly referred to YoY Home Value metric, which still includes data from the last 12 months.
-Nick
