See the 77 major housing markets with falling home prices

U.S. home prices increased by 0.8% between May 2025 and May 2026, a pace similar to the 0.4% growth recorded in May 2025. This marks a slight recovery from the year-over-year low of -0.01% observed in August 2025. The number of major metropolitan housing markets experiencing year-over-year price declines saw an increase in the first half of 2025, but this trend has since stabilized. In January 2025, 31 of the 300 largest U.S. housing markets (10%) reported falling year-over-year prices. This figure rose to 42 markets (14%) in February 2025, 60 markets (20%) in March 2025, and 80 markets (27%) in April 2025. By May 2025, 96 of the 300 largest markets (32%) showed a year-over-year price decrease. The trend continued with 110 markets (36%) in June 2025, followed by 105 markets (36%) in July 2025. In August 2025, 109 of the 300 largest markets (35%) experienced declining home prices. This number remained at 105 markets (35%) for September, October, and November 2025, and then decreased to 98 markets (32%) in December 2025. The data is based on the Zillow Home Value Index.