Home values often reach their seasonal peaks in the second quarter of each year, but that wasn't the case this year for about 25% of the metropolitan housing markets covered by HSH's Home Value Tracker. Over 100 metro areas saw a decline in home values in the second quarter of 2025 compared to the first, and 29 metro areas also saw a year-over-year decline in value.
August 29, 2025 - HSH.com released today an updated Home Value Tracker, the firm's quarterly analysis of home values changes in the nation’s top 400 metropolitan housing markets. Developed by HSH, a premier consumer destination for mortgage information and shopping since 1979, HVT reveals the 10 metropolitan areas with the fastest annual home value increases and the 10 with the largest annual declines. HSH also offers a custom-time-period lookup tool for value changes in over 400 metropolitan areas.
HSH's recurring evaluation reveals home value changes in more than 400 of the most populous metropolitan areas, displaying home value changes for each compared to the previous quarter and previous two quarters as well as over the last one-, three- and five-year periods. Users can see these five time comparisons for any of the 409 metro covered by HVT.
HSH also makes available a customizable lookup tool called Home Value Tracker-MyHVT that allows users to see how values have changed in any of the 400 metros during any time period from 1995 to now, revealing what's happened to the value of their home during a given ownership period. Visitors enter the purchase price of their home and the quarter in which they purchased it; MyHVT then factors for changes in the home's value from that time, calculating a current value estimate based on changes in home value trends in the selected metro.
Home values typically reach their seasonal peaks in the second quarter of each year, as normally-robust spring housing market bring more buyers into the fray. The increase in demand in turn allows home selling prices to lift. For the second quarter of 2025, that was generally the case again, but this year only in about three quarters of the more than 400 markets HVT tracks.
On a quarter-to-quarter basis, 101 of the 409 (some 24.6%) of the metropolitan housing markets tracked in HSH's Home Value Tracker posted lower home values in the second quarter of 2025 compared to the first quarter. What is unusual is that this is nearly twice as many markets posting declines as the second quarter of 2024 and the most since the COVID-shutdown second quarter of 2020. For 36 of those 101 markets, it was a second consecutive quarterly decline in value.
Quarter-over-quarter declines were as small as 0.03% in Asheville, NC, Hilton Head Island-Bluffton-Port Royal, SC and San Francisco-San Mateo-Redwood City, CA metro areas and as much as 9.44% in the Johnstown, PA market.
While double-digit quarterly increases have become increasingly rare, there were still some sizable gains in value in some markets. The metro area with the strongest Q/Q increase was Dothan AL with a 12.15% rise, but two others nearly made a double-digit gain, including Fond du Lac, WI with a 9.68% lift in value and a 9.25% bounce in the College Station-Bryan, TX area.
Some areas just barely eked out a gain. Less than a tenth of a percentage point increase was seen in the West Palm Beach-Boca Raton-Delray Beach FL and North Port-Bradenton-Sarasota metros, while the Canton-Massillon OH market sported just a 0.09% gain.
There were 29 metro areas where home values were lower compared with the same period one year ago, the second most seen over the last six years. More than a quarter of these annual decliners were in Florida (8), while three Texas metros also made the list. None of the 15 other states had more than two metro areas where home values posted an annual fall.
The third quarter of each year usually starts to see home values begin their typical seasonal declines. Given a muted pace for existing home sales this summer, it seems very likely that we'll see broader and perhaps deeper decreases in home values this fall and winter than is normally the case.
| Value changes from a sampling of major metro areas | Percent value increase since 1Q25 |
| Lewiston-Auburn, ME | 7.49% |
| Columbus, GA-AL | 6.07% |
| Bozeman, MT | 4.91% |
| Napa, CA | 4.52% |
| Albuquerque, NM | 1.35% |
| Value changes from a sampling of major metro areas | Percent value decrease since 1Q25 |
| Punta Gorda, FL | -4.86% |
| Las Vegas-Henderson-North Las Vegas, NV | -3.61% |
| Brownsville-Harlingen, TX | -2.71% |
| Greeley, CO | -1.46% |
| Provo-Orem-Lehi, UT | -0.03% |
See the full set of more than 400 metro areas here: https://www.hsh.com/home-value-tracker.html
HSH.com’s Home Value Tracker uses the Federal Housing Finance Agency's (FHFA) Home Price Index for insight on changes to housing market values. HVT is based on an "all transactions" index involving conforming, conventional mortgages purchased or securitized by Fannie Mae or Freddie Mac and includes both purchase and refinance transactions. The data does not include property transactions backed by FHA, VA, USDA or private-market non-conforming (i.e. jumbo) mortgages.
About HSH.com
Since 1979, HSH.com has been a trusted mortgage resource for consumers seeking independent, objective and expert-level mortgage information, forecasts and data. HSH.com offers unique analysis, calculators, tools and content to help demystify first mortgages, home equity loans and lines of credit, reverse mortgages and more. HSH.com empowers homebuyers and homeowners to fully understand their home financing choices and provide opportunities for them to engage with partners to execute their transactions.
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