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National home prices rose 0.2% year over year from July 2024 to July 2025, according to the Zillow Home Value Index reading published August 18—a decelerated rate from the +2.8% year-over-year rate from July 2023 to July 2024.

And more metro-area housing markets are seeing declines:

—> 31 of the nation’s 300 largest housing markets (10% of markets) had a falling year-over-year reading from January 2024 to January 2025.

—> 42 of the nation’s 300 largest housing markets (14%) had a falling year-over-year reading from February 2024 to February 2025.

—> 60 of the nation’s 300 largest housing markets (20%) had a falling year-over-year reading from March 2024 to March 2025.

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