Home price shifts across America’s 50 largest metro housing markets

Want more housing market stories from Lance Lambert’s ResiClub in your inbox? Subscribe to the ResiClub newsletter. According to our analysis of the Zillow Home Value Index, U.S. home prices are up +1.3% year-over-year between August 2025 and August 2026. That year-over-year pace is up a tad from a year ago—back in August 2025, when the national year-over-year home price shift rate was -0.01%. The pace of national softening has lost momentum over the past 12 months—and has, on a nationally aggregated basis, stabilized into a soft and low-appreciation market. That said, given the recent jump in long-term yields and mortgage rates, we’ll have to watch how much momentum that softening regains in the coming months. Of course, on a regional and local level, there’s variation. Some regional housing markets in states, such as Texas, Florida, and Colorado, where inventory has risen above pre-pandemic 2019 levels, are still experiencing mild home price corrections. While tight-ish inventory markets in some pockets of the Northeast and Midwest remain resilient-ish, with home prices likely pushing up a little this year. San Francisco—in particular San Francisco proper—is seeing some notable …