Home Prices Fall in 98 Major Metros

Throughout 2025, local housing markets saw slow home price growth as buyer activity weakened, and this trend was no different in November. According to data from the ResiClub blog, nationwide home prices increased by 2.3% year-over-year in November and by 0.2% from the prior month. However, in 98 of the largest 300 U.S. metros, home prices declined.

As 2025 progressed, more metros experienced falling home prices

While the end of the year saw a surge in markets with falling home prices, 2025 didn’t start out that way. In January, 31 of the nation’s 300 largest housing markets saw prices decline year-over-year. That figure grew progressively each month, reaching its peak in June at 110 of the nation’s 300 largest housing markets. By November, however, 98 of the nation’s 300 largest housing markets had a falling year-over-year reading.

Where are home prices declining?

Home prices are still climbing in regions of the U.S. where active inventory remains below pre-pandemic levels, including areas of the Northeast and Midwest. However, in states where active inventory is above pre-pandemic levels—including Arizona, Texas, Florida, and Colorado—home prices have declined year-over-year.

Many of the metros seeing the largest declines are in Florida, including Punta Gorda, Fla., where home prices fell by more than 13% year-over-year. Similarly, in Fort Myers-Cape Coral, Fla., home prices declined by more than 10% year-over-year in November.