"According to our analysis of the Zillow Home Value Index, U.S. home prices are up +0.2% year-over-year between November 2024 and November 2025. While that pace has decelerated over the past year-back in November 2024, the national year-over-year home price growth rate was +2.3% -it has ticked up slightly from the recent 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 stopped ticking up."
"31 of the nation's 300 largest housing markets (i.e., 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 (i.e., 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 (i.e., 20% of markets) had a falling year-over-year reading in the March 2024 to March 2025 window."
U.S. home prices increased 0.2% year-over-year between November 2024 and November 2025 according to the Zillow Home Value Index. Price growth slowed from a prior +2.3% year-over-year pace in November 2024 and reached a recent low of -0.01% in August 2025 before edging higher. The number of major metro housing markets with year-over-year declines rose through the first half of 2025, peaking around midyear, and then stabilized. Monthly counts showed rising metro declines from 31 markets in January 2025 to 110 markets in June 2025, followed by a plateau around 105–109 markets in subsequent months.
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