Metros with the annual shift price is double at 14: Austin, Tampa, San Antonio, Phoenix, Dallas, Orlando, Atlanta, Miami, Denver, Raleigh, Houston, Birmingham, Charlotte. Yoy accumulates strongly in San Diego, Los Angeles, Boston, Chicago, New York, Philadelphia, Columbus… 20 below 2022 peaks.
By Wolf Richter for Wolf Street.
Mars is the time of the year – the spring sales season – when the prices of houses on many markets increase sharply after decreasing during the winter, and they did it a year ago.
But in March, the prices of single-family houses, condos and cooperatives in the United States increased only by 0.2% compared to February. A year ago, they jumped 1.1% in March from February.
This small price increase of one month in months in March caused the price gain from one year to the next for the houses which sold in March to reduce to 1.1% in total, compared to 2.1% in February. A year ago, the annual sliding price gains were in a range of 4.5%. During the peak of the housing bubble 2 in mid-2010, the annual sliding gains exceeded 18%.
Similar scenarios took place in all 33 metros here: gains from month to month in March – if … Miami and others were declined – were much smaller than a year earlier.
These markets with pricing in annual shift in February saw these annual sliding declines widen in March. Seven of those who still had annual shift gains in February overturned in Yoy in March. And others have seen their gains in annual shift, in some cases to nothing, such as San Diego.
All the data here comes from the value index of the zillow house at the “raw” (ZHVI) mid -level. ZHVI is based on millions of data points in the “database of all houses” of Zillow, including in public archives (tax data), MLS, brokerage houses, local rehabilitation associations, real estate agents and households across the United States. It includes prices data for off -market offers and offers for sale by owner. The zillow database of all houses also has data of sales pairs. The index is not adjusted seasonally.
The 33 most splendid housing bubbles.
Here, we follow the prices of unified houses, condos and cooperatives in 33 large metropolitan statistical zones (MSA). To qualify for this list, the MSA must be one of the largest in the population and must have a ZHVI of at least $ 300,000 somewhere along the line.
New Orleans’ metros, Oklahoma City, Tulsa, Cincinnati, Pittsburgh, etc. are not eligible for this list because their ZHVI has never reached $ 300,000, despite the huge increase in house prices in recent years, but at low level.
Down from year to year: The group of 33 metros here whose prices have decreased from one year to the next continues to grow. In March, 14 of these 33 metros had a decrease from year to year, compared to 7 metros in February.
The 14 metros with one price from one year to another decreases:
- Austin: -4.6%
- Tampa: -4.5%
- San Antonio: -2.7%
- Phoenix: -2.5%
- Dallas: -2.4%
- Orlando: -2.2%
- Atlanta: -1.8%
- Miami: -1.5%
- Denver: -1.1%
- Raleigh: -1.0%
- Houston: -0.9%
- Honolulu: -0.8%
- Birmingham: -0.3%
- Charlotte: -0.1%
At the bottom of the peaks of 2022: The prices in 20 metros of our 33 metros are down compared to their peaks of 2022, led by the metros of:
- Austin: -23.2%
- Phoenix: -10.2%
- San Francisco: -10.8%
- San Antonio: -9.4%
- Denver: -7.9%.
The prices of houses have exploded until mid-2022, fueled by the repression of Fed interest rates and QE, which causes mortgages less than 3%. But Fed levels hike from 2022 and lost $ 2.2 billions in assets via QT. Mortgage rates have been greater than 6% since September 2022 and more than 7% for part of this time. The prices are now simply too high after having drawn up like this, and the request has plunged.
The 20 metros which are below their summits in mid-201.
| Austin MSA, house prices | |||
| From the peak of June 2022 | Mom | In annual shift | Since 2000 |
| -23.2% | 0.2% | -4.6% | 154% |
The decline in annual shift worsened by -3.8% in February. The prices are back where they were in April 2021.
The Austin MSA includes the counties of Travis (Austin-Round Rock), Williamson, Hays, Caldwell and Bastrop.
| Phoenix MSA, House Price | |||
| From the peak of June 2022 | Mom | In annual shift | Since 2000 |
| -10.2% | 0.0% | -2.5% | 216% |
The decline in annual shift worsened by -1.6% in February. The prices are back where they were in January 2022:
| San Francisco MSA, House Price | |||
| From May 2022 Peak | Mom | In annual shift | Since 2000 |
| -9.8% | 0.9% | 0.5% | 293% |
In February, the annual sliding increase was still + 2.4%.
The MSA includes San Francisco, Oakland, a large part of East bay, a large part of the North bay, and goes south on the peninsula in Silicon Valley through the County of San Mateo.
The prices are roughly where they had been for the first time in June 2021.
| San Antonio MSA, House Price | |||
| From the maximum of July 2022 | Mom | In annual shift | Since 2000 |
| -9.4% | -0.1% | -2.7% | 145.4% |
The annual slip decline worsened by -2.0% in February. Prices have fallen to the lowest level since January 2022.
| Denver MSA, house prices | |||
| From the peak of June 2022 | Mom | In annual shift | Since 2000 |
| -7.9% | 0.4% | -1.1% | 211% |
The decline in annual shift has worsened 0% in February. The prices are back where they were in February 2022 for the first time.
| Dallas-Fort Worth MSA, House Price | |||
| From the peak of June 2022 | Mom | In annual shift | Since 2000 |
| -7.0% | 0.1% | -2.4% | 190% |
The fall in annual shift worsened by -1.4% in February.
| Sacramento MSA, Price of houses | |||
| From July 2022 Peak | Mom | In annual shift | Since 2000 |
| -6.9% | 0.3% | 0.1% | 244.0% |
The annual shift in February 1.3% almost disappeared in March.
| Tampa MSA, house prices | |||
| From the maximum of July 2022 | Mom | In annual shift | Since 2000 |
| -6.2% | -0.3% | -4.5% | 261% |
The fall in annual shift worsened by -3.6% in February.
| Portland MSA, house prices | |||
| From May 2022 Peak | Mom | In annual shift | Since 2000 |
| -6.0% | 0.3% | 0.3% | 217% |
In February, the annual slip gain was + 1.3%. The prices are back where they had been for the first time in January 2022.
| Honolulu, house prices | |||
| From the peak of June 2022 | Mom | In annual shift | Since 2000 |
| -5.3% | 0.0% | -0.8% | 278% |
The gain in annual shift in February by + 0.6% dropped to an annual shift in March.
| Salt Lake City MSA, House Price | |||
| From July 2022 Peak | Mom | In annual shift | Since 2000 |
| -5.2% | 0.6% | 2.0% | 216% |
In February, the annual slip gain was + 2.7%. The prices are back where they had been for the first time in March 2022.
| Seattle MSA, House Price | |||
| From May 2022 Peak | Mom | In annual shift | Since 2000 |
| -4.7% | 0.6% | 2.4% | 240% |
The gain in annual shift in February was + 4.3%.
| Raleigh MSA, House Price | |||
| From July 2022 Peak | Mom | In annual shift | Since 2000 |
| -4.5% | 0.2% | -1.0% | 156% |
A decrease in February in annual sliding 0%.
| Houston MSA, House Price | |||
| From the maximum of July 2022 | Mom | In annual shift | Since 2000 |
| -3.8% | 0.1% | -0.9% | 149% |
The annual sliding decline worsened by -0.2% in February. The index is the place where it was in April 2022.
| Nashville MSA, House Price | |||
| From July 2022 Peak | Mom | In annual shift | Since 2000 |
| -3.3% | 0.4% | 0.5% | 217% |
In February, the annual slip gain was + 1.3%. The index is the place where it was in April 2022.
| Minneapolis MSA, House Price | |||
| From May 2022 Peak | Mom | In annual shift | Since 2000 |
| -2.5% | 0.4% | 1.3% | 156% |
The annual shift gain in February was + 2.4%.
| Las Vegas MSA, House Price | |||
| From June 2022 Peak | Mom | In annual shift | Since 2000 |
| -2.5% | 0.2% | 3.3% | 179% |
In February, the annual slip gain was + 4.2%.
| Atlanta MSA, House Price | |||
| From July 2022 | Mom | In annual shift | Since 2000 |
| -1.5% | 0.0% | -1.8% | 158% |
In February, the decrease in annual shift was -0.7%.
| Charlotte MSA, House Price | |||
| From June 2022 | Mom | In annual shift | Since 2000 |
| -0.5% | 0.3% | -0.1% | 168% |
The index went from an annual shift in February (+ 0.9%) to a drop in annual shift in March (-0.1%).
| Orlando MSA, House Price | |||
| From June 2022 | Mom | In annual shift | Since 2000 |
| -1.1% | -0.2% | -2.2% | 231% |
The decline in annual shift worsened by -1.4% in February.
The 13 markets are higher than in mid-2022:
| Miami MSA, House Price | ||
| Mom | In annual shift | Since 2000 |
| -0.4% | -1.5% | 324% |
The Miami market is running to the south:
- The annual sliding decline worsened by -0.2% in February.
- In March 2024, prices jumped 1.0% compared to February. In March 2025, prices dropped by 0.4% compared to February.
- Since the summit in July, the index dropped by 3.0%.
| San Diego MSA, House Price | ||
| Mom | In annual shift | Since 2000 |
| 0.4% | 0.5% | 334% |
In February, the annual slip gain was + 2.3%.
| Columbus MSA, House Price | ||
| Mom | In annual shift | Since 2000 |
| 0.6% | 2.1% | 153% |
In February, the annual slip gain was + 3.1%.
| Baltimore MSA, house prices | |||
| Mom | In annual shift | Since 2000 | |
| 0.4% | 2.2% | 174% | |
In February, the annual slip gain was + 3.1%.
| Kansas City MSA, House Price | ||
| Mom | In annual shift | Since 2000 |
| 0.6% | 2.2% | 176% |
In February, the annual slip gain was + 3.1%.
| Los Angeles MSA, House Price | ||
| Mom | In annual shift | Since 2000 |
| 0.5% | 2.4% | 331% |
In February, the annual slip gain was + 3.9%.
| Washington DC MSA, House Price | ||
| Mom | In annual shift | Since 2000 |
| 0.5% | 2.8% | 217% |
In February, the annual slip gain was + 4.0%. The index is roughly unchanged from June 2024.
The vast and diversified metro includes Washington DC and certain parts of Maryland, Virginia and Virginia-Western.
| Boston MSA, House Price | ||
| Mom | In annual shift | Since 2000 |
| 0.6% | 2.9% | 225% |
In February, the annual slip gain was + 4.2%.
| Philadelphia MSA, House Price | ||
| Mom | In annual shift | Since 2000 |
| 0.5% | 3.3% | 201% |
In February, the annual slip gain was + 4.1%.
| Milwaukee MSA, House Price | ||
| Mom | In annual shift | Since 2000 |
| 0.9% | 3.6% | 143.5% |
Although the monthly price gain in March is important, it was much smaller than in March 2024, which caused the narrowing of the annual slip gain of + 4.7% in February.
| Chicago MSA, House Price | ||
| Mom | In annual shift | Since 2000 |
| 0.6% | 4.1% | 112% |
In February, the annual slip gain was + 5.1%.
| New York MSA, house prices | ||
| Mom | In annual shift | Since 2000 |
| 0.4% | 4.8% | 212% |
In February, the annual slip gain was + 5.6%.
| San Jose MSA, Price of houses | |||
| Mom | In annual shift | Since 2000 | |
| 1.3% | 5.5% | 348% | |
In February, the annual slip gain was + 7.6%. The index is roughly at the level where it was in May 2022. A crazy action:
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