68 Major Housing Markets See Home Prices Fall

Nationally aggregated U.S. home prices increased by 1.1% year-over-year between June 2025 and June 2026, according to an analysis of the Zillow Home Value Index. This growth rate is a slight increase from the +0.2% recorded in June 2025 and a notable rise from the recent low of -0.01% in August 2025. However, a significant number of individual housing markets are experiencing price declines.

Between June 2025 and June 2026, 68 of the nation's 300 largest housing markets, representing 23% of these markets, saw their year-over-year home prices fall. This figure is down from the June 2024 to June 2025 period, when 110 markets (37%) experienced such declines. The trend of increasing markets with falling prices was prominent throughout much of 2024 and the first half of 2025, coinciding with a shift in the supply-demand equilibrium favoring homebuyers.

Historically, the percentage of markets with falling year-over-year home prices has fluctuated. From June 2022 to January 2023, 110 of the 300 largest markets (37%) saw price declines. This number decreased to 26 markets (9%) from June 2023 to January 2024. Earlier periods showed even fewer markets with declining prices: 4 markets (1%) between June 2020 and January 2021, 2 markets (1%) between June 2021 and January 2022, and only 1 market (<1%) between June 2019 and January 2020. The period between June 2018 and January 2019 saw 11 markets (4%) with falling prices.