The Most Splendid Housing Bubbles in America, June 2025: The Price Drops & Gains in 33 Large Expensive Metros
US home prices nearly flat year-over-year, but fell in 21 of our 33 metros: Austin, Tampa, Miami, San Diego, San Jose, San Francisco, Los Angeles, San Antonio, Dallas, Phoenix, Orlando, Atlanta, Denver, Raleigh, Houston, Seattle… YoY gains shrink further in Boston, Chicago, New York…
By Wolf Richter for WOLF STREET.
The year-over-year price gains of mid-tier single-family homes, condos, and co-ops in the US nearly vanished in June: prices rose by just 0.2% compared to June a year ago. But that wasn’t equally spread around.
Of the 33 largest and most expensive metropolitan statistical areas (MSA) that we track here, the number with YoY price drops has expanded every month this year. At the end of 2024, only 6 of the 33 metros had year-over-year price drops. In June, the number rose to 21 (from 18 in May). The three additions: Los Angeles, San Jose, and Nashville. And the YoY price drops worsened in nearly all of them, including in San Diego (from -1.9% in May to -2.4% in June).
In the US overall, the year-over-year price gains have been losing steam for over a year, after the spurt in 2023 and early 2024, whittled down the YoY price gain in June to just 0.2%. But it wasn’t spread equally: