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Over the past year the supply-demand equilibrium—measured by shifts and levels in active housing inventory and months of supply—has shifted directionally in favor of homebuyers. That doesn’t mean buyers have all the leverage, or that the picture is the same in every market. Directionally, however, homebuyers in most markets have gained leverage compared to the 2024 housing market.

Among the nation’s 200 largest metro-area housing markets: • 62% saw home prices rise year over year from July 2024 to July 2025 • 38% saw home prices fall year over year from July 2024 to July 2025

That’s the highest share of housing markets with falling year-over-year home prices since Octo

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