Home Price Declines Grip 64 of America’s Largest Housing Markets

Home Price Declines Across Major Metro Areas

Nationally, the Zillow Home Value Index shows a modest ↑ 1.1% year‑over‑year rise between July 2025 and July 2026, yet 64 of the 300 largest housing markets are posting home price declines in the same period. This represents 21% of the top metros, the highest share since the post‑pandemic correction began.

Earlier windows tell a story of accelerating softness: only 1% of markets fell in 2017‑18, climbing to 35% in 2024‑25, before settling at the current 21%. The surge in declining markets coincided with a rapid shift in inventory toward buyers, but recent data suggest inventory growth is slowing, offering a tentative reprieve.

“The market is stabilizing, yet the divide between rising and falling metros is widening,” noted a senior analyst at Reuters.

Geographically, the softness concentrates in Sunbelt and Mountain West metros—regions that saw the steepest pandemic‑era price spikes. Cities like Austin, Texas and Tampa, Florida now sit below their 2022 peaks, while pockets of the Northeast and Midwest maintain modest gains thanks to persistently low inventory.

Conversely, 236 metros continue to record price appreciation, driven by tight supply and resilient demand. For a visual breakdown, see the interactive map linked below.

Overall, the national market remains soft, with growth barely above zero, underscoring a bifurcated landscape where resilient hubs coexist with correction‑prone zones.