The speed of housing market softening has slowed—but softness remains

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Among the nation’s 200 largest metro area housing markets…

… 62.0% saw home prices rise year-over-year between July 2024 and July 2025

… 38.0% saw home prices fall year-over-year between July 2024 and July 2025

Most housing markets are still seeing rising home prices on a year-over-year basis; however, the share of markets with falling year-over-year home prices is ticking up.

Using forward-looking data, ResiClub expects the share of housing markets with falling year-over-year home prices could rise a bit more in the coming months. For evidence, just look at the seasonally adjusted month-over-month data.

Click here to view an interactive version of the chart below

Seasonally, home prices in most housing markets experience the most upward pressure between February and July, and the most downward pressure between September and January. To remove the seasonal noise and better observe the real trend, it’s helpful to look at seasonally adjusted month-over-month home price changes.

Among the nation’s 200 largest metro area housing markets…

… 44.5% saw seasonally adjusted home prices rise month-over-month between June 2025 and July 2025

… 55.5% saw seasonally adjusted home prices fall month-over-month between June 2025 and July 2025

Without seasonal adjustment, U.S. home prices rose +0.3% month-over-month between June 2025 and June 2025—a seasonal window that has averaged a +0.9% month-over-month increase since 2000. When seasonally adjusting the month-over-month change between June 2025 and July 2025, U.S. home prices fell -0.1% month-over-month.

Click here to view an interactive version of the chart below

We should point out that the 2025 burst of housing market softening has lost some momentum in recent months: Between April and May 2025, 71% of the nation’s 200 largest metro areas saw a month-over-month, seasonally adjusted home price decline. Between June and July 2025, that share was 55%.

Among the 6 major nationally aggregated home price indices tracked by ResiClub, there has been a clear softening this year. See the chart below.

Earlier today, we emailed ResiClub PRO members (paid tier) our latest monthly inventory analysis for +800 metros, +3,000 counties, and +25,000 ZIP Codes.