99 housing markets where home prices are falling: See the map

Want more housing market stories from Lance Lambert’s ResiClub in your inbox? Subscribe to the ResiClub newsletter. Based on our analysis of the Zillow Home Value Index, U.S. home prices are up just +0.4% year-over-year between January 2025 and January 2026. That marks a deceleration from the +2.1% growth rate a year earlier—though national price growth has recently stabilized, ticking a tad 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 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-ov