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Nationwide residence costs rose 0.01% yr over yr from September 2024 to September 2025, in response to the Zillow Dwelling Worth Index studying printed on October 16—decelerated from the two.4% year-over-year fee 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 because the supply-demand stability progressively tilted extra towards patrons. However in current months, the listing of declining markets has begun to stabilize as stock development has stalled.
Dwelling costs are nonetheless climbing in lots of areas the place lively stock stays nicely under pre-pandemic 2019 ranges, akin 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 residence value pullbacks.
Lots of the housing markets seeing essentially the most softness, the place homebuyers have gained essentially the most leverage, are primarily situated in Sunbelt areas, notably 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 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 development is additional compounded by an abundance of new-home provide within the Sunbelt. Builders are sometimes keen to decrease costs or provide 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 of present 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 residence value declines, one other 195 are nonetheless seeing year-over-year residence value will increase.
The place are residence costs nonetheless up on a year-over-year foundation? See the map under.
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