Half of America’s major housing markets now have falling home prices

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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.

In June 2025, 25 of the nation’s 50 largest metro-area housing markets (50%) had falling year-over-year home prices.

In July 2025, 25 of the nation’s 50 largest metro-area housing markets (50%) had falling year-over-year home prices.

At the end of August 2025, 25 of the nation’s 50 largest metro-area housing markets (50%) 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.

Some regional housing markets in states such as Arizona, Colorado, Florida, Louisiana, and Texas—where inventory has risen above pre-pandemic 2019 levels—are experiencing mild home price corrections.

Meanwhile, tight-ish inventory markets in some pockets of the Northeast and Midwest remain resilient-ish, with home prices pushing up a little this year.