"Fresh data shows that as of August, 25 of the 50 biggest U.S. metro areas-representing half of the country's major housing markets-are seeing prices fall compared with last year. That share has steadily climbed from just 14% in late 2024, underscoring how soft demand and rising active inventory for sale have coincided in greater downward pressure on prices across much of the country."
"Back in November 2024, seven of the nation's 50 largest metro-area housing markets (14%) had falling year-over-year home prices. In February 2025, 12 of the nation's 50 largest metro-area housing markets (24%) had falling year-over-year home prices. In April 2025, 20 of the nation's 50 largest metro-area housing markets (40%) had falling year-over-year home prices. In May 2025, 22 of the nation's 50 largest metro-area housing markets (44%) had falling year-over-year home prices."
"While some major housing markets are still seeing mildly positive year-over-year appreciation, the rate of appreciation has decelerated almost everywhere over the past year. The biggest exception is the New Orleans metro area, which is showing signs of tightening after passing through a correction over the past few years. On a regional and local level, home price shifts vary significantly right now."
By August 2025, 25 of the 50 largest U.S. metro areas—representing half of major housing markets—recorded year-over-year price declines. The share of metro markets with falling prices rose from 14% in November 2024 to 50% by June 2025 and remained at 50% through August. Soft demand and rising active inventory have increased downward pressure on prices across many markets. Most metros that still show positive year-over-year appreciation have seen decelerating rates over the past year. New Orleans stands out with tightening conditions after a multi-year correction. Regional patterns vary, with inventory above 2019 levels in several Sun Belt and mountain-state markets.
Read at Fast Company
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