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National home prices rose +0.1% year-over-year between October 2024 and October 2025, according to the Zillow Home Value Index reading published last week—a decelerated rate from the +2.4% year-over-year rate between October 2023 and October 2024.

In the first half of 2025, the number of major metro area housing markets seeing year-over-year declines climbed. That count has since stopped ticking up.

—> 31 of the nation’s 300 largest housing markets (i.e., 10% of markets) had a falling year-over-year reading in the January 2024 to January 2025 window.

—> 42 of the nation’s 300 largest housing markets (i.e., 14% of markets) had a falling year-over-year reading in the Februa

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