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According to our analysis of the Zillow Home Value Index, U.S. home prices are up 0.2% year-over-year between November 2024 and November 2025.

While that pace has decelerated over the past year—back in November 2024, the national year-over-year home price growth rate was 2.3% —it has ticked up slightly from the recent low of -0.01% in August 2025.

In the first half of 2025, the number of major metro area housing markets seeing year-over-year declines climbed. That count........

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