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Primarily based on our evaluation of the Zillow Dwelling Worth Index, U.S. house costs are up +0.7% year-over-year between April 2025 and April 2026. That year-over-year tempo is identical because it was a yr in the past—again in April 2025, when the nationwide year-over-year house worth progress price was +0.7%. And it’s up barely from the current year-over-year low of -0.01% in August 2025.
Within the first half of 2025, the variety of main metro space housing markets seeing year-over-year declines climbed. That rely has since stopped ticking up.
- 31 of the nation’s 300 largest housing markets (i.e., 10% of markets) had a falling year-over-year studying within the Jan. 2024 to Jan. 2025 window.
- 42 of the nation’s 300 largest housing markets (i.e., 14% of markets) had a falling year-over-year studying within the Feb. 2024 to Feb. 2025 window.
- 60 of the nation’s 300 largest housing markets (i.e., 20% of markets) had a falling year-over-year studying within the March 2024 to March 2025 window.
- 80 of the nation’s 300 largest housing markets (i.e., 27% of markets) had a falling year-over-year studying within the April 2024 to April 2025 window.
- 96 of the nation’s 300 largest housing markets (i.e., 32% of markets) had a falling year-over-year studying within the Might 2024 to Might 2025 window.
- 110 of the nation’s 300 largest housing markets (i.e., 36% of markets) had a falling year-over-year studying within the June 2024 to June 2025 window.
- 105 of the nation’s 300 largest housing markets (i.e., 36% of markets) had a falling year-over-year studying within the July 2024 to July 2025 window.
- 109 of the nation’s 300 largest housing markets (i.e., 35% of markets) had a falling year-over-year studying within the Aug. 2024 to Aug. 2025 window.
- 105 of the nation’s 300 largest housing markets (i.e., 35% of markets) had a falling year-over-year studying within the Sept. 2024 to Sept. 2025 window.
- 105 of the nation’s 300 largest housing markets (i.e., 35% of markets) had a falling year-over-year studying within the Oct. 2024 to Oct. 2025 window.
- 98 of the nation’s 300 largest housing markets (i.e., 33% of markets) had a falling year-over-year studying within the Nov. 2024 to Nov. 2025 window.
- 106 of the nation’s 300 largest housing markets (i.e., 35% of markets) had a falling year-over-year studying within the Dec. 2024 to Dec. 2025 window.
- 100 of the nation’s 300 largest housing markets (i.e., 33% of markets) had a falling year-over-year studying within the Jan. 2025 to Jan. 2026 window.
- 99 of the nation’s 300 largest housing markets (i.e., 33% of markets) had a falling year-over-year studying within the Feb. 2025 to Feb. 2026 window.
- 89 of the nation’s 300 largest housing markets (i.e., 30% of markets) had a falling year-over-year studying within the March 2025 to March 2026 window.
81 of the nation’s 300 largest housing markets (i.e., 27% of markets) had a falling year-over-year studying within the April 2025 to April 2026 window.
As you possibly can see above, within the first half of 2025, there was a notable enhance within the variety of housing markets slipping into year-over-year worth declines as the supply–demand equilibrium (as measured by stock) shifted extra rapidly towards homebuyers. Over the previous ten months, nonetheless, the checklist of declining markets has begun to stabilize and stock progress has additionally decelerated.
Primarily based on seasonally adjusted month-over-month prints, ResiClub expects the variety of markets with year-over-year worth declines to lower extra within the coming months.
Dwelling costs are nonetheless climbing somewhat year-over-year in lots of areas where active inventory remains well below pre-pandemic 2019 levels, akin to pockets of the Northeast and Midwest. In distinction, some pockets in states like Texas, Florida, and Colorado—the place lively stock exceeds pre-pandemic 2019 ranges by a stable clip—are seeing modest house worth pullbacks or flat pricing.
Click here for an interactive model of the chart under
We should always level out that it’s potential for a metro with falling year-over-year house costs to already be executed seeing seasonally adjusted month-over-month house worth declines (not less than in the meanwhile)—or to have turned the nook in some areas of the metro. For instance, the core of San Francisco has seen notable pricing and purchaser exercise this spring, even whereas the broader metro stays down barely year-over-year and weak point persists in Oakland.
Lots of the housing markets seeing essentially the most softness, the place homebuyers have gained essentially the most leverage, are primarily positioned in Solar Belt areas, notably the Gulf Coast and Mountain West.
Many of these areas saw even greater price surges during the Pandemic Housing Boom, with house worth progress outpacing native earnings ranges. As pandemic-driven home migration slowed and mortgage charges rose in 2022, markets like Tampa and Austin confronted challenges, counting on native earnings ranges to help frothy house costs.
That Solar Belt softening was additional compounded by an abundance of latest house provide within the Solar Belt. Builders are sometimes prepared to decrease costs or provide affordability incentives to keep up gross sales, which additionally has a cooling impact on the resale market. Because of this, some patrons who may need beforehand opted for present houses are as a substitute selecting new building with extra engaging offers—which added additional upward strain to resale stock progress over the previous few years.
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After all, whereas 81 of the nation’s 300 largest metro space housing markets are seeing year-over-year house worth declines, one other 219 are seeing year-over-year house worth will increase.
The place are house costs nonetheless up on a year-over-year foundation? See the map under.
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Beneath is a historic chart exhibiting the year-over-year change in house costs throughout the 50 largest metro housing markets, with the yellow line representing the nationwide combination, courting again to 2000.
Whereas the “vary” [see chart above] between the strongest and weakest metro space housing markets proper now could be pretty regular traditionally talking, the “bifurcation” (i.e., route) itself—the share of markets with rising house costs versus these with falling costs—is wider than regular, provided that nationwide appreciation has stabilized right into a softer market with progress barely above +0.0%. And the longer some markets stay within the “rising” camp whereas others keep within the “falling” camp, the broader the gulf can turn into between the comparatively extra resilient markets and the weaker ones.
For instance, house costs within the Hartford, CT metro space are actually +24.0% above their 2022 peak, whereas house costs within the Austin, TX metro space sit -27.5% under their 2022 peak. A few of that “bifurcation” boils right down to imply reversion, with lots of the outright house worth declines occurring in markets that overheated further during the Pandemic Housing Boom.
Notice: For the historic chart under, we analyzed the 200 largest markets quite than the 300 used above, as some markets ranked 201 to 300 lack full knowledge going again to 2000. When weighted by inhabitants (not visualized), the housing market seems barely weaker than the chart under suggests—which aligns with the truth that, amongst simply the 50 largest housing markets, 24 (48%) are at the moment posting unfavorable year-over-year worth progress, and nationally aggregated house costs are up simply +0.7% year-over-year utilizing the Zillow Dwelling Worth Index.
