Widespread softening: Almost every major housing market is seeing softer pricing action than last spring

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As I’ve been closely tracking for ResiClub PRO members in my monthly metro- and county-level inventory analysis, over the past year the supply-demand equilibrium—measured by shifts and levels in active housing inventory and months of supply—has shifted directionally in favor of homebuyers. That doesn’t mean buyers have all the leverage, or that the picture is the same in every market. But, directionally, homebuyers in most markets have gained leverage compared to the 2024 spring housing market.

This shift is also showing up in the pricing data—specifically the rate of change.

Indeed, 49 of the nation's 50 largest metro area housing markets have a weaker year-over-year home price shift this spring than a year ago.

In March 2024…

… 47 of the nation’s 50 largest housing markets saw rising year-over-year home prices

… 3 of the nation’s 50 largest housing markets saw falling year-over-year home prices

In March 2025…

… 34 of the nation’s 50 largest housing markets saw rising year-over-year home prices

… 16 of the nation’s 50 largest housing markets saw falling year-over-year home prices

ResiClub expects that count of major housing markets with falling year-over-year home prices to rise further in the coming months. [Full month April data, publishes later this week].

Click here to view an interactive of the scatter plot below [best done on desktop]

As ResiClub has closely documented, the recent softening and weakening have been more pronounced in the Sun Belt, particularly in Gulf housing markets. The greatest weakness is evident in parts of Texas (especially Austin and San Antonio) and Florida (notably its condo market and Southwest Florida).

Click here to view an interactive of the chart below

Zooming out, the chart above shows what the ongoing price softening looks like in a recent historical context. The yellow line represents the national aggregate, which has decelerated in the Zillow Home Value Index—from U.S. home prices rising +4.6% between March 2023 and March 2024 to +1.2% between March 2024 and March 2025.

Over the past week, ResiClub PRO members got these 3 additional housing research articles:

ResiClub analyzed 20 years of giant homebuilder data—here are 4 key takeaways

The 3% mortgage isn’t dead: Assumptions surge 127% as buyers take over old loans

The long-term value of homeownership, as told by the 1995 homebuyer

Housing chart-making 101, presented by ResiClub

On Monday, May 19, we will hold a special one-hour webinar for ResiClub PRO members at 3 p.m. ET (12 p.m. PT).

This instructional webinar will feature a presentation by the ResiClub team on how to make the most of our housing data and analysis—including how to make housing charts. The ResiClub team has produced well over a thousand charts, and we are excited to pass some of our top tips and tricks.

Who could benefit from this: Homebuilders, appraisers, agents, loan officers, housing analysts, etc who want to produce their own local market insights.