\n<\/p>\n
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\u2014though national price growth has recently stabilized, ticking a tad higher from a low of -0.01% in August 2025.<\/p>\n
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.<\/p>\n
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\u2013demand equilibrium<\/a> (as measured by inventory) shifted more quickly toward homebuyers. Over the past seven months, however, the list of declining markets has begun to stabilize and inventory growth has also decelerated.<\/p>\n<\/div>\n Home prices are still climbing a little year-over-year in many regions where active inventory remains well below pre-pandemic 2019 levels<\/a>, such as pockets of the Northeast and Midwest. In contrast, some pockets in states like Texas, Florida, and Colorado\u2014where active inventory exceeds pre-pandemic 2019 levels by a solid clip\u2014are seeing modest home price pullbacks or flat pricing.<\/p>\n