Household Real Estate Value Slides as Home Price Growth Softens

The total value of household real estate—the aggregate market value of all homes owned by those living in them—fell during the first few months of 2025. According to a recent analysis from Realtor.com, the total value of household real estate fell by $200 billion in Q1 2025. The total value of household real estate fell to $47.9 trillion during Q1 2025, compared with $48.1 trillion at the end of 2024. However, this amount was still the fourth-highest value on record. And despite the quarter-over-quarter decline, homes gained $960 billion in value over the last year.

Realtor.com senior economist Jake Krimmel attributes the modest decline in total real estate asset values to a weaker house price growth and a slowdown in new construction.

"While prices are still increasing, there has been some softening, as inventory grows and high mortgage rates continue to weigh on the market," he explains.

Meanwhile, new home completions were down 12.3% in April compared to a year ago, signaling that both prices and inventory levels are driving the slowdown in aggregate housing values, he adds.