U.S. home prices including single-family homes and condos rose 0.8% between May 2025 and May 2026, matching the pace from a year earlier. The figure marks a slight uptick from the recent low of -0.01% recorded in August 2025, signaling that the sharp deceleration seen in late 2024 and early 2025 has leveled off.
According to an analysis of the Zillow Home Value Index published by Fast Company's ResiClub, 77 major metropolitan housing markets — roughly 26% of the nation's 300 largest — posted year-over-year price declines in May 2026. That count has held steady, ending a months-long climb that began in early 2025 when only 31 markets (10%) showed falling prices in the January 2024–January 2025 window.
The number of declining metros peaked at 96 markets (32%) in the April 2024–April 2025 period before stabilizing. The plateau suggests that while many markets remain under pressure, the worst of the price correction may be behind the sector. Still, the concentration of weakness varies regionally, with Sun Belt and formerly pandemic-boom cities continuing to see the largest pullbacks.
The data indicates that the housing market is settling into a new equilibrium after a period of rapid adjustment. Elevated mortgage rates and still-high list prices continue to constrain buyer demand, but the steady national growth rate implies that sellers are gradually meeting the market. The coming months will test whether this pause is a prelude to a broader recovery or merely a breather before further erosion.
The analysis relies on the Zillow Home Value Index, which tracks both single-family homes and condos. While the index offers a broad national picture, it may not capture local nuances such as shifts in inventory composition or the impact of new construction in specific submarkets. Homeowners in metros still showing declines should be cautious about extrapolating national trends to their local conditions.