One third of the housing markets across the US are seeing prices fall.
Of the nation’s 300 largest housing markets, 109 experienced home price declines between between June 2024 and June 2025.
That compares to just 31 of the 300 markets posting annual drops in January, according to analysis from ResiClub.
Experts say it show how quickly conditions have shifted as more homeowners rush to offload properties.
An increasing number of housing markets are seeing declines as homeowners try to offload properties.
In some areas, including Texas, Florida, and Louisiana, inventory has already climbed above pre‑pandemic levels.
Nationwide, home prices barely budged, rising just 0.2 percent in the year to June 2025, down sharply from a 3.2 percent gain the previous year, Zillow’s Home Value Index shows.
According to ResiClub, among the 109 markets seeing declines were Austin, TX, Tampa, FL, San Antonio, TX, Dallas, TX, Phoenix, AZ, Orlando, FL and Jacksonville, FL.
One third of the housing market across the US, including areas of Florida, is seeing prices drop
Austin experienced a massive real estate boom during the pandemic that has since reversed
The number of places seeing declines is also gradually increasing as the supply-demand balance shifts toward buyers.
According to housing market analytics firm ResiClub, Punta Gorda and Cape Coral in Florida saw the largest home price falls between June 2024 and June 2025, at 11.88 percent and 9.56 percent, respectively.
Once a pandemic boomtown which saw a huge influx of new residents, Cape Coral has become a place where people are desperately trying to sell their homes.
The risk of natural disasters is high in the area, which has meant insurance premiums have skyrocketed.
Taxes in Cape Coral have also continued to rise, according to local realtor José Echevarria.
‘It is one of the worst real estate markets for a seller right now,’ Echevarria previously told the Daily Mail.
Prices in Cape Coral have been slashed for more than 50 percent of homes over the past two years – more than any other major metro area in the US, he added.
Atlanta, GA, Denver, CO, San Diego, CA, and Raleigh, NC all also had moderate drops in home prices in the year to June 2025, according to ResiClub.
Cape Coral, Florida, has turned into a housing market nightmare for sellers
Condo prices, in particular, are plummeting, and Florida is being hardest hit
Experts say elevated mortgage rates isn’t helping even though it’s a buyers market now
Redfin senior economist Asad Khan says it is a good time to buy a home
Many of the areas which are seeing prices fall now are ones where Americans flocked to during the pandemic.
Tampa and Austin especially suffered after pandemic-driven migration slowed and mortgage rates rose.
In June, Redfin declared the US housing market had officially turned in favor of buyers.
There were about 2 million homes for sale across the country, but only about 1.5 million active homebuyers that were looking.
That 500,000 gap was the largest imbalance Redfin has recorded.
That same month, the total value of homes on the market hit a record-breaking $698 billion, up more than 20 percent from June 2024.
Sellers have been forced to slash prices across the US.
‘The balance of power in the US housing market has shifted toward buyers,’ Redfin senior economist Asad Khan told the Daily Mail. ‘But a lot of sellers have yet to see or accept the writing on the wall.’