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Nationwide house costs rose 0.01% yr over yr from September 2024 to September 2025, in keeping with the Zillow House Worth Index studying printed on October 16—decelerated from the two.4% year-over-year price from September 2023 to September 2024.
This yr, the variety of main metro-area housing markets seeing year-over-year declines has climbed.
—> 31 of the nation’s 300 largest housing markets (10% of markets) had a falling year-over-year studying from January 2024 to January 2025.
—> 42 of the nation’s 300 largest housing markets (14%) had a falling year-over-year studying from February 2024 to February 2025.
—> 60 of the nation’s 300 largest housing markets (20%) had a falling year-over-year studying from March 2024 to March 2025.
—> 80 of the nation’s 300 largest housing markets (27%) had a falling year-over-year studying from April 2024 to April 2025.
—> 96 of the nation’s 300 largest housing markets (32%) had a falling year-over-year studying from Could 2024 to Could 2025.
—> 110 of the nation’s 300 largest housing markets (36%) had a falling year-over-year studying from June 2024 to June 2025.
—> 105 of the nation’s 300 largest housing markets (36%) had a falling year-over-year studying from July 2024 to July 2025.
—> 109 of the nation’s 300 largest housing markets (35%) had a falling year-over-year studying from August 2024 to August 2025.
—> 105 of the nation’s 300 largest housing markets (35%) had a falling year-over-year studying from September 2024 to September 2025.
Earlier this yr, an rising variety of housing markets slipped into year-over-year value declines as the supply-demand balance progressively tilted extra towards patrons. However in current months, the checklist of declining markets has begun to stabilize as stock progress has stalled.
House costs are nonetheless climbing in lots of areas where active inventory remains well below pre-pandemic 2019 levels, comparable to pockets of the Northeast and Midwest. In distinction, some pockets in states like Arizona, Texas, Florida, and Colorado—the place lively stock exceeds pre-pandemic 2019 ranges—are seeing modest house value pullbacks.
Lots of the housing markets seeing essentially the most softness, the place homebuyers have gained essentially the most leverage, are primarily positioned in Sunbelt areas, significantly the Gulf Coast and Mountain West.
Many of those areas noticed main value surges in the course of the Pandemic Housing Growth, with house value progress outpacing native earnings ranges. As pandemic-driven home migration slowed and mortgage charges rose, markets like Tampa and Austin confronted challenges, counting on native earnings ranges to assist frothy house costs.
This softening development is additional compounded by an abundance of new-home provide within the Sunbelt. Builders are sometimes prepared to decrease costs or supply affordability incentives to keep up gross sales, which additionally has a cooling impact on the resale market. Some patrons who would have beforehand thought-about current houses are actually choosing new houses with extra favorable homebuilder offers.
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In fact, whereas 105 of the nation’s 300 largest metro-area housing markets are seeing year-over-year house value declines, one other 195 are nonetheless seeing year-over-year house value will increase.
The place are house costs nonetheless up on a year-over-year foundation? See the map beneath.
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