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Nationwide residence costs rose 0.2% yr over yr from June 2024 to June 2025, based on the Zillow Dwelling Worth Index studying revealed July 17—decelerated from the three.2% year-over-year fee 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 Might 2024 to Might 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 step by step rising because the supply-demand stability continues to shift directionally towards patrons on this affordability-constrained and post-housing growth surroundings.
Dwelling costs are nonetheless climbing in lots of areas the place lively stock stays properly under pre-pandemic 2019 ranges, corresponding to 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.
12 months-over-year residence worth declines, utilizing the Zillow Dwelling Worth Index, are evident in main metros corresponding to 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 on right 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 situated 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 development 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 residence costs. This softening development is additional compounded by an abundance of recent residence 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. Some patrons who would have beforehand thought of present properties are actually choosing new properties with extra favorable offers.
Given the shift in lively housing stock 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 Dwelling Worth Index to proceed ticking up within the coming months.
This softening and regional variation shouldn’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 right here.
