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BY Lance Lambert

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Based on ResiClub ’s analysis of the Zillow Home Value Index, nationally aggregated U.S. home prices are up +1.0% year-over-year between September 2025 and September 2026. That’s a month-over-month deceleration from the +1.3% YoY shift between August 2025 to August 2026.

After contracting over the past year, the number of America’s major regional housing markets seeing year-over-year declines is rising again, as the already soft national housing market sees another burst of softening amid the recent runup in long-term yields and mortgage rates.

54 of the nation’s 300 largest housing markets (i.e., 18% of markets) had a falling year-over-year home price reading in the August 2025 to August 2026 window.

66 of the nation’s 300 largest housing markets (i.e., 22% of markets) had a falling year-over-year home price…