Housing Markets Decline in 77 Metros

Home prices in the U.S. are up by 0.8% year-over-year as of May, keeping pace with the same time last year. However, according to the ResiClub blog, 77 of the 300 largest housing markets in the U.S. are seeing home prices decline.

The share of metros with declining prices has shrunk in recent months

In the first half of 2025, the number of major metro areas seeing year-over-year declines climbed, but that growth has since slowed. In January 2025, 31 of the nation’s 300 largest housing markets recorded a year-over-year decline in home prices, and by June 2025, 110 of the 300 largest housing markets had declining prices.

Since the June 2025 peak, the number of markets with falling home prices has steadily declined. In January 2026, just 100 of the nation’s 300 largest housing markets recorded falling home prices and last month, the figure fell to 81 of the 300 largest housing markets.

Where are the steepest home-price declines?

Home prices fell the furthest in Punta Gorda, Fla. In this metro, they declined by 7.8% year-over-year in May. Punta Gorda, Fla., was followed by London, Ky., where prices declined by 7.1%, and then the Fort Myers, Fla., metro, where they fell by 6.1%. 

Other markets are seeing home prices rise

Home prices are climbing in areas where active inventory has stayed below pre-pandemic levels. Areas of the Northeast and Midwest have especially seen home prices rise due to low housing supply.