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Based mostly on our evaluation of the Zillow Dwelling Worth Index, U.S. house costs are up simply +0.8% year-over-year between March 2025 and March 2026. That marks a deceleration from the +1.2% development charge a yr earlier—although nationwide year-over-year house value development has lately stabilized, ticking a tad greater from a 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 depend 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 Could 2024 to Could 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.
As you may see above, within the first half of 2025, there was a notable improve within the variety of housing markets slipping into year-over-year value declines as the supply–demand equilibrium (as measured by stock) shifted extra rapidly towards homebuyers. Over the previous eight months, nonetheless, the checklist of declining markets has begun to stabilize and stock development has additionally decelerated.
Based mostly on seasonally adjusted month-over-month prints, ResiClub expects the variety of markets with year-over-year value 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, similar to pockets of the Northeast and Midwest. In distinction, some pockets in states like Texas, Florida, and Colorado—the place energetic stock exceeds pre-pandemic 2019 ranges by a stable clip—are seeing modest house value pullbacks or flat pricing.
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Most of the housing markets seeing essentially the most softness, the place homebuyers have gained essentially the most leverage, are primarily situated 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 value development 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 assist frothy house costs.
That Solar Belt softening was additional compounded by an abundance of latest house provide within the Solar Belt. Builders are sometimes keen 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 might need beforehand opted for present properties are as an alternative selecting new building with extra engaging offers—which added additional upward stress to resale stock development over the previous few years.
In fact, whereas 89 of the nation’s 300 largest metro space housing markets are seeing year-over-year house value declines, one other 211 are seeing year-over-year house value 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 displaying the year-over-year change in house costs throughout the 50 largest metro housing markets, with the yellow line representing the nationwide combination, relationship again to 2000.
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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., path) 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 development 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 change into between the comparatively extra resilient markets and the weaker ones.
For instance, house costs within the Hartford, CT metro space at the moment are +22.5% above their 2022 peak, whereas house costs within the Austin, TX metro space sit -27.8% under their 2022 peak. A few of that “bifurcation” boils right down to imply reversion, with lots of the outright house value declines occurring in markets that overheated further during the Pandemic Housing Boom.
Be aware: For the historic chart above, we analyzed the 200 largest markets fairly than the 300 used above, as some markets ranked 201 to 300 lack full information 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 present posting adverse year-over-year value development, and nationally aggregated house costs are up simply +0.8% year-over-year utilizing the Zillow Dwelling Worth Index.
