Recent home buyers are now dumping houses at big losses, Austin leading the bloodbath at 59 percent underwater

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Reality hitting late buyers hard with no mercy.

JUST IN: ACROSS ALL ACTIVE US HOUSING LISTINGS AS OF THIS MORNING, 1 IN 5 SELLERS WHO BOUGHT IN 2022-23 IS NOW ASKING LESS THAN THEY PAID
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“The home buying class of 2022 bought at or near the top of the housing market. Today, 19% of them with a home on the market are listing at an unrealized loss – 10x the rate of sellers who bought before 2020, despite having nearly two-thirds as many homes on the market as that entire cohort.

The damage: $1.7 billion in unrealized losses, a median haircut of $30,000 per home.

One cohort. Half of every underwater listing in America.

Where it’s worst: Austin. 59% of 2022-23 buyers selling there are asking less than they paid – a median $84,000 below their purchase price.

Unrealized loss = the seller’s asking price is below what they originally paid.”