
"National home prices rose 0.01% year over year from September 2024 to September 2025, according to the Zillow Home Value Index reading published on October 16-decelerated from the 2.4% year-over-year rate from September 2023 to September 2024. This year, the number of major metro-area housing markets seeing year-over-year declines has climbed. -> 31 of the nation's 300 largest housing markets (10% of markets) had a falling year-over-year reading from January 2024 to January 2025."
"-> 42 of the nation's 300 largest housing markets (14%) had a falling year-over-year reading from February 2024 to February 2025. -> 60 of the nation's 300 largest housing markets (20%) had a falling year-over-year reading from March 2024 to March 2025. -> 80 of the nation's 300 largest housing markets (27%) had a falling year-over-year reading from April 2024 to April 2025. -> 96 of the nation's 300 largest housing markets (32%) had a falling year-over-year reading from May 2024 to May 2025."
National home prices rose 0.01% year over year from September 2024 to September 2025, down from a 2.4% year-over-year rate the prior year. The number of major metro housing markets with year-over-year price declines increased through early and mid-2025, moving from 31 markets in January to about 110 markets in June. Counts remained elevated through September, with roughly 35% of the 300 largest markets showing declines in recent months. Inventory growth has stalled, stabilizing the list of declining markets. Home prices continue to climb in regions where active inventory remains substantially below average.
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