ATLANTA — Home values across metro Atlanta have taken a significant hit over the past year, according to new data from Zillow. Nationally, 53% of homes have lost value in the last 12 months, the largest share seen since 2012. However, in metro Atlanta, the decline is even steeper.

Rory O’Neil says more than 70% of homes in the Atlanta area have decreased in value over the past year. He points to high housing prices and elevated mortgage rates as the major reasons behind the drop. Florida is experiencing the hardest impact nationwide.

Despite the challenges for sellers, O’Neil says the current market offers an advantage for buyers. Final selling prices are averaging about 1.5% below the asking price, giving shoppers more room to negotiate.