National home prices have seen a modest rise of 0.5% year-over-year as of May 2025, down from a more robust 3.9% the previous year. A significant portion of the nation's largest housing markets are now experiencing declines, with the number of metros reporting year-over-year decreases growing from 10% in January 2025 to 32% by May 2025. While certain regions continue to appreciate due to low inventory, areas like Texas and Florida are beginning to correct as supply increases post-pandemic. The market dynamics are increasingly favoring buyers in this affordability-constrained environment.
While 32% of the 300 largest housing markets are currently experiencing year-over-year home price declines, that share is gradually increasing as the supply-demand balance continues to shift directionally toward buyers.
Home prices are still climbing in many regions where active inventory remains well below pre-pandemic 2019 levels, reflecting ongoing regional disparities in market health.
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