In March 2025, the U.S. housing market experienced mixed results, with some markets showing year-over-year (YoY) price drops while others maintained gains. According to Zillow’s Home Value Index, 14 out of 33 major metropolitan areas saw YoY price declines, up from seven in February. Markets like Austin, Tampa, San Antonio, Phoenix, Dallas, Orlando, Atlanta, Miami, Denver, Raleigh, Houston, Birmingham, and Charlotte all reported YoY declines. Meanwhile, metros such as San Diego, Los Angeles, Boston, Chicago, New York, and Philadelphia saw their YoY gains narrow sharply. Overall, home prices across the U.S. rose only 0.2% from February to March, compared to a 1.1% increase during the same period last year. This trend reflects the impact of rising mortgage rates and reduced demand following the housing bubble peak in mid-2022.
— new from Wolf Street
