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Nationwide residence costs rose 0.2% 12 months over 12 months from June 2024 to June 2025, in accordance with the Zillow House Worth Index studying revealed July 17—decelerated from the three.2% year-over-year price from June 2023 to June 2024.
And extra metro-area housing markets are seeing declines:
—> 31 of the nation’s 300 largest housing markets (10%) had a falling year-over-year studying within the January 2024 to January 2025 window.
—> 42 of the nation’s 300 largest housing markets (14%) had a falling year-over-year studying within the February 2024 to February 2025 window.
—> 60 of the nation’s 300 largest housing markets (20%) had a falling year-over-year studying within the March 2024 to March 2025 window.
—> 80 of the nation’s 300 largest housing markets (27%) had a falling year-over-year studying within the April 2024 to April 2025 window.
—> 96 of the nation’s 300 largest housing markets (32%) had a falling year-over-year studying within the Could 2024 to Could 2025 window.
—> 109 of the nation’s 300 largest housing markets (36%) had a falling year-over-year studying within the June 2024 to June 2025 window.
Whereas 36% of the 300 largest housing markets are presently experiencing year-over-year residence value declines, that share is progressively rising as the supply-demand balance continues to shift directionally toward buyers on this affordability-constrained and post-housing growth atmosphere.
House costs are nonetheless climbing in lots of areas where active inventory remains well below pre-pandemic 2019 levels, reminiscent of pockets of the Northeast and Midwest. In distinction, some pockets in states like Arizona, Texas, Florida, Colorado, and Louisiana—the place lively stock exceeds pre-pandemic 2019 ranges—are seeing modest residence value corrections.
Yr-over-year residence worth declines, utilizing the Zillow House Worth Index, are evident in main metros reminiscent of Austin (-5.8%); Tampa, Florida (-5.7%); Miami (-3.8%); Dallas (-3.7%); Orlando (-3.7%); Phoenix (-3.5%); San Francisco (-3.4%); San Antonio (-3.3%); Jacksonville, Florida (-3.2%); Atlanta (-2.9%); Denver (-2.7%); San Diego (-2.4%); Raleigh, North Carolina (-2.1%); Sacramento (-1.8%); Houston (-1.8%); Riverside, California (-1.5%); New Orleans (-1.2%); Charlotte, North Carolina (-1.0%); Memphis (-1.0%); San Jose (-0.9%); Portland, Oregon (-0.4%); Seattle (-0.1%); Los Angeles (-0.4%); and Birmingham, Alabama (-0.1%).
Click here for an interactive model of the chart under.
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The markets seeing probably the most softness, the place homebuyers have gained probably the most leverage, are primarily positioned in Solar Belt areas, significantly the Gulf Coast and Mountain West.
Many of those areas noticed main value surges in the course of the Pandemic Housing Increase, with residence value progress outpacing native revenue ranges. As pandemic-driven home migration slowed and mortgage charges rose, markets like Tampa and Austin confronted challenges, counting on native revenue ranges to help frothy residence costs. This softening pattern is additional compounded by an abundance of latest residence provide within the Solar Belt. Builders are sometimes prepared to decrease costs or supply affordability incentives to take care of gross sales, which additionally has a cooling impact on the resale market. Some patrons who would have beforehand thought-about current houses at the moment are choosing new houses with extra favorable offers.
Given the shift in active housing inventory and months of provide, together with the tender stage of appreciation in additional markets this spring, ResiClub expects the variety of metro areas with year-over-year residence value declines within the Zillow House Worth Index to proceed ticking up within the coming months.
This softening and regional variation mustn’t shock ResiClub Professional members—we’ve been carefully documenting it. ResiClub Professional members can view our newest evaluation of residence costs throughout 800-plus metros and three,000-plus counties here.
