"Based on our analysis of the Zillow Home Value Index, U.S. home prices are up just 0.1% year over year from December 2024 to December 2025. That marks a deceleration from the +2.6% growth rate a year earlier-though national price growth has recently stabilized, ticking slightly higher from a low of -0.01% in August 2025. In the first half of 2025, the number of major metro-area housing markets seeing year-over-year declines climbed. That count has since pretty much stopped ticking up."
"31 of the nation's 300 largest housing markets (10% of markets) had a falling year-over-year reading in the January 2024 to January 2025 window. 42 of the nation's 300 largest housing markets (14% of markets) had a falling year-over-year reading in the February 2024 to February 2025 window. 60 of the nation's 300 largest housing markets (20% of markets) had a falling year-over-year reading in the March 2024 to March 2025 window."
U.S. home prices increased 0.1% year over year from December 2024 to December 2025, slowing from a 2.6% growth rate a year earlier. National price growth stabilized after hitting a low of -0.01% in August 2025 and has since ticked slightly higher. During the first half of 2025, the count of major metro-area markets with year-over-year price declines rose, peaking at 110 of 300 markets (36%) in June 2025. That share then hovered in the mid-30% range through July, August and September 2025, indicating a pause in further deterioration.
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