National home prices increased by 2.1% year-over-year from February 2024 to February 2025, showing a slowdown from 4.6% the previous spring. While regions like the Northeast and Southern California maintain rising prices due to low inventory, 42 out of the 300 largest metro markets report declines, with notable reductions in Sun Belt cities like Austin and Tampa. Increased supply and elevated mortgage rates contribute to this trend, as homebuyers gain leverage amid changing market dynamics, prompting builders to offer incentives.
Home prices have risen by 2.1% year-over-year, reflecting a deceleration compared to last spring's rate of 4.6%, with significant variation across U.S. markets.
In the Sun Belt regions, notably Austin and Tampa, recent price corrections are evident as supply increases and buyer leverage grows amidst rising mortgage rates.
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