106 housing markets are seeing falling home prices—and not a single one is in the Midwest

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Based on our analysis of the Zillow Home Value Index, U.S. home prices are up just 0.1% year over year from December 2024 to December 2025. That marks a deceleration from the +2.6% growth rate a year earlier—though national price growth has recently stabilized, ticking slightly higher from a low of -0.01% in August 2025.

In the first half of 2025, the number of...