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- The 106 major housing markets with year-over-year home price declines—and the 194 posting annual gains
The 106 major housing markets with year-over-year home price declines—and the 194 posting annual gains
After a burst of softening, the count of major metros seeing year-over-year home price declines has stabilized over the past seven months.
Lance Lambert
January 22, 2026
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Where home prices are rising—and where they’re falling
Based on our analysis of the Zillow Home Value Index, U.S. home prices are up just +0.1% year over year between December 2024 and December 2025. That marks a deceleration from the +2.6% growth rate a year earlier—though national price growth has recently stabilized, ticking slightly higher from a 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 pretty much 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 Jan. 2024 to Jan. 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 Feb. 2024 to Feb. 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.
80 of the nation’s 300 largest housing markets (i.e., 27% of markets) had a falling year-over-year reading in the April 2024 to April 2025 window.
96 of the nation’s 300 largest housing markets (i.e., 32% of markets) had a falling year-over-year reading in the May 2024 to May 2025 window.
110 of the nation’s 300 largest housing markets (i.e., 36% of markets) had a falling year-over-year reading in the June 2024 to June 2025 window.
105 of the nation’s 300 largest housing markets (i.e., 36% of markets) had a falling year-over-year reading in the July 2024 to July 2025 window.
109 of the nation’s 300 largest housing markets (i.e., 35% of markets) had a falling year-over-year reading in the Aug. 2024 to Aug. 2025 window.
105 of the nation’s 300 largest housing markets (i.e., 35% of markets) had a falling year-over-year reading in the Sept. 2024 to Sept. 2025 window.
105 of the nation’s 300 largest housing markets (i.e., 35% of markets) had a falling year-over-year reading in the Oct. 2024 to Oct. 2025 window.
98 of the nation’s 300 largest housing markets (i.e., 33% of markets) had a falling year-over-year reading in the Nov. 2024 to Nov. 2025 window.
106 of the nation’s 300 largest housing markets (i.e., 35% of markets) had a falling year-over-year reading in the Dec. 2024 to Dec. 2025 window.
As you can see above, in the first half of 2025, there was a notable increase in the number of housing markets slipping into year-over-year price declines as the supply–demand equilibrium (as measured by inventory) shifted more quickly toward homebuyers. Over the past seven months, however, the list of declining markets has begun to stabilize as inventory growth has decelerated.
Home prices are still climbing a little year-over-year in many regions where active inventory remains well below pre-pandemic 2019 levels, such as pockets of the Northeast and Midwest. In contrast, some pockets in states like Texas, Florida, and Colorado—where active inventory exceeds pre-pandemic 2019 levels by a solid clip—are seeing modest home price pullbacks or flat pricing.
Click here for an interactive version of the chart below
Many of the housing markets seeing the most softness, where homebuyers have gained the most leverage, are primarily located in Sun Belt regions, particularly the Gulf Coast and Mountain West. Many of these areas saw even greater price surges during the Pandemic Housing Boom, with home price growth outpacing local income levels. As pandemic-driven domestic migration slowed and mortgage rates rose in 2022, markets like Tampa and Austin faced challenges, relying on local income levels to support frothy home prices. That Sun Belt softening was further compounded by an abundance of new home supply in the Sun Belt. Builders are often willing to lower prices or offer affordability incentives to maintain sales, which also has a cooling effect on the resale market. As a result, some buyers who might have previously opted for existing homes are instead choosing new construction with more attractive deals—which added further upward pressure to resale inventory growth over the past few years.
Click here to view an interactive version of the map below
Of course, while 106 of the nation’s 300 largest metro area housing markets are seeing year-over-year home price declines, another 194 are seeing year-over-year home price increases.
Where are home prices still up on a year-over-year basis? See the map below.
Click here to view an interactive version of the map below
Below is a historical chart showing the year-over-year change in home prices across the 50 largest metro housing markets, with the yellow line representing the national aggregate, dating back to 2000.
On Tuesday, D.R. Horton reported its fiscal Q1 2026 earnings—ResiClub PRO members can read my full breakdown on D.R. Horton’s earnings here.
PURE Property Management and HomeRiver Group to merge—forming a 40,000-unit single-family property management firm
PURE Property Management and HomeRiver Group announced on Thursday that they have merged to form PURE HomeRiver, creating what the companies say is the nation’s largest third-party single-family rental (SFR) property management platform.
The combined company—with each firm bringing roughly 20,000 units—manages more than 40,000 rental homes across 200+ markets and 35 states, operating through more than 80 local offices. In total, PURE HomeRiver says that between 85% and 90% of its managed units are single-family rentals.
PURE HomeRiver brings together PURE’s AI-native technology platform and unified operating model with HomeRiver’s national footprint and institutional servicing capabilities. Executives say the combined data platform is designed to improve operating efficiency, pricing, maintenance workflows, and customer experience across large portfolios.
Alongside the merger, PURE HomeRiver secured $80 million in growth capital, with PGIM—the global asset management arm of Prudential Financial—serving as the primary lender. Management says the capital will support continued acquisitions as well as investments in technology, operations, and service infrastructure as the company scales nationally.
The company tells ResiClub that it plans to grow from 40,000 units under management to 60,000 over the next three years. Much of that growth will come through acquisitions, the company says.
Executives at PURE HomeRiver told ResiClub that they’re ready to go out and start buying other single-family property management firms. One reason is that scale can drive margin expansion in this space, with the company noting that surpassing roughly 500 single-family rentals in a given market is an important threshold.