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Over the previous yr the supply-demand equilibrium—measured by shifts and ranges in energetic housing stock and months of provide—has shifted directionally in favor of homebuyers. That doesn’t imply consumers have all of the leverage, or that the image is identical in each market. Directionally, nonetheless, homebuyers in most markets have gained leverage in comparison with the 2024 housing market.
Among the many nation’s 200 largest metro-area housing markets:
- 62% noticed dwelling costs rise yr over yr from July 2024 to July 2025
- 38% noticed dwelling costs fall yr over yr from July 2024 to July 2025
That’s the very best share of housing markets with falling year-over-year dwelling costs since October 2012—when the housing market was beginning to rebound following the 2007-2011 housing market crash.
Most housing markets are nonetheless seeing rising dwelling costs on a year-over-year foundation; nonetheless, the share of markets with falling year-over-year dwelling costs is ticking up.
Utilizing forward-looking information, ResiClub expects that the share of housing markets with falling year-over-year dwelling costs might rise a bit extra within the coming months. For proof, simply have a look at the seasonally adjusted month-over-month information.
Click on right here to view an interactive model of the chart under.
Seasonally, dwelling costs in most housing markets expertise probably the most upward stress between February and July, and probably the most downward stress between September and January. To take away the seasonal noise and higher observe the actual pattern, it’s useful to have a look at seasonally adjusted month-over-month dwelling value adjustments.
Among the many nation’s 200 largest metro-area housing markets:
- 44.5% noticed seasonally adjusted dwelling costs rise month over month from June to July 2025
- 55.5% noticed seasonally adjusted dwelling costs fall month over month from June to July 2025
With out seasonal adjustment, U.S. dwelling costs rose 0.3% month over month from June to July 2025—a seasonal window that has averaged a 0.9% month-over-month improve since 2000. When seasonally adjusting the month-over-month change from June to July 2025, U.S. dwelling costs fell 0.1% month over month.
Click on right here to view an interactive model of the chart under.
We must always level out that the 2025 burst of housing market softening has misplaced some momentum in latest months: From April to Could 2025, 71% of the nation’s 200 largest metro areas noticed a month-over-month, seasonally adjusted dwelling value decline. From June to July 2025, that share was 55%.
