{"id":384882,"date":"2025-11-17T09:14:40","date_gmt":"2025-11-17T09:14:40","guid":{"rendered":"https:\/\/www.europesays.com\/us\/384882\/"},"modified":"2025-11-17T09:14:40","modified_gmt":"2025-11-17T09:14:40","slug":"the-most-splendid-housing-bubbles-in-america-price-drops-gains-in-33-large-expensive-metros-in-october-2025","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/384882\/","title":{"rendered":"The Most Splendid Housing Bubbles in America: Price Drops & Gains in 33 Large Expensive Metros in October 2025"},"content":{"rendered":"

\t\t Prices fell year-over-year in 22 of the 33 metros. In 9 of the 33, prices rose to new highs.<\/strong>
\nBy\u00a0Wolf Richter<\/a>\u00a0for\u00a0WOLF STREET<\/a>.<\/p>\n

Prices of mid-tier homes in October declined year-over-year in 22 of the 33 large and expensive metropolitan statistical areas (MSAs) that we track here, up from 6 at the end of 2024. In those metros there is lots of supply.<\/p>\n

In 9 of our 33 MSAs here, prices rose to new records amid tight supply. The top two MSAs where prices rose the most year-over-year were the Milwaukee MSA (Milwaukee-Waukesha-West Allis, WI) at +3.7% and the Chicago MSA (Chicago-Naperville-Elgin, IL-IN) at +3.6%.<\/p>\n

MSAs are Census Bureau designated large urban areas with multiple cities. Here, they\u2019re named by the largest city in the MSA.<\/p>\n

To qualify for the 33 most splendid housing bubbles, the MSA must be one of the largest by population and must have had home prices of at least $300,000 at some point. Some metros that are large enough don\u2019t qualify for this list because home prices never reached $300,000, despite the blistering surge of home prices in recent years, such as the metros of New Orleans, Memphis, Oklahoma City, Tulsa, Cincinnati, and Pittsburgh.<\/p>\n

Prices declined year-over-year in 22 of our 33 MSAs in October<\/strong>:<\/p>\n

    \n
  1. Tampa, FL: -6.3%<\/li>\n
  2. Austin, TX: -6.0%<\/li>\n
  3. Miami, FL: -4.8%<\/li>\n
  4. Orlando, FL: -4.5%<\/li>\n
  5. Dallas, TX: -4.0%<\/li>\n
  6. San Francisco, CA: -3.5%<\/li>\n
  7. Phoenix, AZ: -3.6%<\/li>\n
  8. San Antonio, TX: -3.1%<\/li>\n
  9. Atlanta, GA: -3.0%<\/li>\n
  10. Denver, CO: -3.0%<\/li>\n
  11. San Diego, CA: -2.6%<\/li>\n
  12. Raleigh, NC: -2.5%<\/li>\n
  13. Sacramento, CA: -2.3%<\/li>\n
  14. Houston, TX: -2.1%<\/li>\n
  15. San Jose, CA: -2.1%<\/li>\n
  16. Honolulu, HI: -1.6%<\/li>\n
  17. Portland, OR: -1.0%<\/li>\n
  18. Los Angeles, CA: -1.2%<\/li>\n
  19. Charlotte, NC: -0.7%<\/li>\n
  20. Seattle, WA: -1.0%<\/li>\n
  21. Las Vegas, NV: -1.1%<\/li>\n
  22. Nashville, TN: -0.1%<\/li>\n<\/ol>\n

    Prices were down from their highs in prior years in 23 of the 33 metros.<\/strong><\/p>\n

    Prices were down from their peaks in 2022, 2023, or 2024 in 23 of our 33 metros, amid ballooning supply and low demand. The top entry among the 33 metros was the Austin MSA (Austin-Round Rock-San Marcos, TX), where prices of mid-tier homes have plunged by 23.6% since mid-2022.<\/p>\n

    Of the 33 MSAs here, 17 experienced their peaks in 2022; Atlanta\u2019s was in 2023, and the peaks of 5 (Miami, San Diego, Charlotte, San Jose, Los Angeles) were in 2024:<\/p>\n

    Percentage declines from their respective peaks in prior years:<\/p>\n

      \n
    1. Austin, TX: -23.6%<\/li>\n
    2. San Francisco: -10.8%<\/li>\n
    3. Phoenix: -10.4%<\/li>\n
    4. San Antonio: -8.7%<\/li>\n
    5. Denver: -7.1%<\/li>\n
    6. Sacramento: -7.3%<\/li>\n
    7. Tampa: -7.5%<\/li>\n
    8. Dallas: -6.8%<\/li>\n
    9. Honolulu: -5.0%<\/li>\n
    10. Portland: -4.7%<\/li>\n
    11. Orlando: -5.0%<\/li>\n
    12. Miami: -4.9% (2024 peak)<\/li>\n
    13. San Jose: -3.9% (2024 peak)<\/li>\n
    14. Seattle: -3.7%<\/li>\n
    15. Raleigh: -3.8%<\/li>\n
    16. Atlanta: -3.3% (2023 peak)<\/li>\n
    17. Salt Lake City: -2.6%<\/li>\n
    18. Houston: -3.1%<\/li>\n
    19. San Diego: -2.8% (2024 peak)<\/li>\n
    20. Las Vegas: -3.0%<\/li>\n
    21. Los Angeles: -2.2% (2024 peak)<\/li>\n
    22. Nashville: -1.7%<\/li>\n
    23. Charlotte: -0.9% (2024 peak)<\/li>\n<\/ol>\n

      Methodology<\/strong>: All pricing data here for the 33 metropolitan statistical areas (MSA) is from the seasonally adjusted three-month-average mid-tier Zillow Home Value Index (ZHVI), released today. The ZHVI is based on millions of data points in Zillow\u2019s \u201cDatabase of All Homes,\u201d including from public records (tax data), MLS, brokerages, local Realtor Associations, real-estate agents, and households across the US. It includes pricing data for off-market deals and for-sale-by-owner deals. Zillow\u2019s Database of All Homes also has sales-pairs data.<\/p>\n

      The 33 Most Splendid Housing Bubbles<\/strong>.<\/p>\n

      In the little tables, MoM = month over month; YoY = year-over-year. In the column furthest to the right: the percentage increase \u201csince 2000.\u201d<\/p>\n\nAustin MSA, Home Prices<\/strong><\/td>\n<\/tr>\n\nFrom Jun 2022 peak<\/strong><\/td>\nMoM<\/strong><\/td>\nYoY <\/strong><\/td>\nSince 2000<\/strong><\/td>\n<\/tr>\n\n-23.6%<\/td>\n-0.2%<\/td>\n-6.0%<\/td>\n147%<\/td>\n<\/tr>\n

      Lowest since April 2021. Prices in the Austin-Round Rock-San Marcos MSA had exploded by 73% from January 2020 through June 2022. And some of that crazy price explosion has now gotten unwound:<\/p>\n

      \"\"<\/p>\n\nSan Francisco MSA, Home Prices<\/strong><\/td>\n<\/tr>\n\nFrom May 2022 peak<\/strong><\/td>\nMoM<\/strong><\/td>\nYoY <\/strong><\/td>\nSince 2000<\/strong><\/td>\n<\/tr>\n\n-10.8%<\/td>\n0.1%<\/td>\n-3.5%<\/td>\n282%<\/td>\n<\/tr>\n

      Back to August 2021. From January 2020 through June 2022, prices exploded by 33%.<\/p>\n

      The San Francisco-Oakland-Fremont metro includes San Francisco, much of the East Bay (such as Oakland), much of the North Bay, and goes south on the Peninsula into Silicon Valley through San Mateo County. It does not include the San Jose metro, which covers the southern portion of the Bay Area.<\/p>\n

      \"\"<\/p>\n\nPhoenix MSA, Home Prices<\/strong><\/td>\n<\/tr>\n\nFrom Jun 2022 peak<\/strong><\/td>\nMoM<\/strong><\/td>\nYoY <\/strong><\/td>\nSince 2000<\/strong><\/td>\n<\/tr>\n\n-10.4%<\/td>\n-0.1%<\/td>\n-3.6%<\/td>\n211%<\/td>\n<\/tr>\n

      Back to January 2022. Prices exploded by 65% from January 2020 through June 2022.<\/p>\n

      \"\"<\/p>\n\nSan Antonio MSA, Home Prices<\/strong><\/td>\n<\/tr>\n\nFrom Jul 2022 peak<\/strong><\/td>\nMoM<\/strong><\/td>\nYoY <\/strong><\/td>\nSince 2000<\/strong><\/td>\n<\/tr>\n\n-8.7%<\/td>\n-0.1%<\/td>\n-3.1%<\/td>\n143%<\/td>\n<\/tr>\n

      \"\"<\/p>\n\nTampa MSA, Home Prices<\/strong><\/td>\n<\/tr>\n\nFrom Jul 2022 peak<\/strong><\/td>\nMoM<\/strong><\/td>\nYoY <\/strong><\/td>\nSince 2000<\/strong><\/td>\n<\/tr>\n\n-7.5%<\/td>\n-0.3%<\/td>\n-6.3%<\/td>\n252%<\/td>\n<\/tr>\n

      Prices exploded by 60% between January 2020 and June 2022.<\/p>\n

      \"\"<\/p>\n\nSacramento MSA, Home Prices<\/strong><\/td>\n<\/tr>\n\nFrom July 2022 peak<\/strong><\/td>\nMoM<\/strong><\/td>\nYoY <\/strong><\/td>\nSince 2000<\/strong><\/td>\n<\/tr>\n\n-7.3%<\/td>\n0.0%<\/td>\n-2.3%<\/td>\n239.1%<\/td>\n<\/tr>\n

      \"\"<\/p>\n\nDenver MSA, Home Prices<\/strong><\/td>\n<\/tr>\n\nFrom Jun 2022 peak<\/strong><\/td>\nMoM<\/strong><\/td>\nYoY <\/strong><\/td>\nSince 2000<\/strong><\/td>\n<\/tr>\n\n-7.1%<\/td>\n0.1%<\/td>\n-3.0%<\/td>\n203%<\/td>\n<\/tr>\n

      \"\"<\/p>\n\nDallas-Fort Worth MSA, Home Prices<\/strong><\/td>\n<\/tr>\n\nFrom Jun 2022 peak<\/strong><\/td>\nMoM<\/strong><\/td>\nYoY <\/strong><\/td>\nSince 2000<\/strong><\/td>\n<\/tr>\n\n-6.8%<\/td>\n-0.1%<\/td>\n-4.0%<\/td>\n184%<\/td>\n<\/tr>\n

      \"\"<\/p>\n

      \u00a0<\/p>\n\nOrlando MSA, Home Prices<\/strong><\/td>\n<\/tr>\n\nFrom June 2022<\/strong><\/td>\nMoM<\/strong><\/td>\nYoY <\/strong><\/td>\nSince 2000<\/strong><\/td>\n<\/tr>\n\n-5.0%<\/td>\n-0.3%<\/td>\n-4.5%<\/td>\n223%<\/td>\n<\/tr>\n

      Prices exploded by 48% between January 2020 and June 2022.<\/p>\n

      \"\"<\/p>\n\nHonolulu, Home Prices<\/strong><\/td>\n<\/tr>\n\nFrom Jun 2022 peak<\/strong><\/td>\nMoM<\/strong><\/td>\nYoY <\/strong><\/td>\nSince 2000<\/strong><\/td>\n<\/tr>\n\n-5.0%<\/td>\n0.4%<\/td>\n-1.6%<\/td>\n277%<\/td>\n<\/tr>\n

      \"\"<\/p>\n\nMiami MSA, Home Prices<\/strong><\/td>\n<\/tr>\n\nFrom Sep 2024 peak<\/strong><\/td>\nMoM<\/strong><\/td>\nYoY <\/strong><\/td>\nSince 2000<\/strong><\/td>\n<\/tr>\n\n-4.9%<\/td>\n-0.2%<\/td>\n-4.8%<\/td>\n312%<\/td>\n<\/tr>\n

      \"\"<\/p>\n\nPortland MSA, Home Prices<\/strong><\/td>\n<\/tr>\n\nFrom May 2022 peak<\/strong><\/td>\nMoM<\/strong><\/td>\nYoY <\/strong><\/td>\nSince 2000<\/strong><\/td>\n<\/tr>\n\n-4.7%<\/td>\n0.1%<\/td>\n-1.0%<\/td>\n213%<\/td>\n<\/tr>\n

      \"\"<\/p>\n\nSan Jose MSA, Home Prices<\/strong><\/td>\n<\/tr>\n\nFr Dec 2024 high<\/strong><\/td>\nMoM<\/strong><\/td>\nYoY <\/strong><\/td>\nSince 2000<\/strong><\/td>\n<\/tr>\n\n-3.9%<\/td>\n0.7%<\/td>\n-2.1%<\/td>\n331%<\/td>\n<\/tr>\n

      \"\"<\/p>\n\nRaleigh MSA, Home Prices<\/strong><\/td>\n<\/tr>\n\nFrom July 2022 peak<\/strong><\/td>\nMoM<\/strong><\/td>\nYoY <\/strong><\/td>\nSince 2000<\/strong><\/td>\n<\/tr>\n\n-3.8%<\/td>\n-0.1%<\/td>\n-2.5%<\/td>\n152%<\/td>\n<\/tr>\n

      \"\"<\/p>\n\nSeattle MSA, Home Prices<\/strong><\/td>\n<\/tr>\n\nFrom May 2022 peak<\/strong><\/td>\nMoM<\/strong><\/td>\nYoY <\/strong><\/td>\nSince 2000<\/strong><\/td>\n<\/tr>\n\n-3.7%<\/td>\n0.3%<\/td>\n-1.0%<\/td>\n233%<\/td>\n<\/tr>\n

      \"\"<\/p>\n\nAtlanta MSA, Home Prices<\/strong><\/td>\n<\/tr>\n\nFrom July 2022<\/strong><\/td>\nMoM<\/strong><\/td>\nYoY <\/strong><\/td>\nSince 2000<\/strong><\/td>\n<\/tr>\n\n-3.3%<\/td>\n-0.1%<\/td>\n-3.0%<\/td>\n155%<\/td>\n<\/tr>\n

      Prices exploded 51% between January 2020 and June 2022.<\/p>\n

      \"\"<\/p>\n\nHouston MSA, Home Prices<\/strong><\/td>\n<\/tr>\n\nFrom Jul 2022 peak<\/strong><\/td>\nMoM<\/strong><\/td>\nYoY <\/strong><\/td>\nSince 2000<\/strong><\/td>\n<\/tr>\n\n-3.1%<\/td>\n-0.1%<\/td>\n-2.1%<\/td>\n147%<\/td>\n<\/tr>\n

      \"\"<\/p>\n\nLas Vegas MSA, Home Prices<\/strong><\/td>\n<\/tr>\n\nFrom June 2022 peak<\/strong><\/td>\nMoM<\/strong><\/td>\nYoY <\/strong><\/td>\nSince 2000<\/strong><\/td>\n<\/tr>\n\n-3.0%<\/td>\n-0.2%<\/td>\n-1.1%<\/td>\n177%<\/td>\n<\/tr>\n

      \"\"<\/p>\n

      \u00a0<\/p>\n\nSan Diego MSA, Home Prices<\/strong><\/td>\n<\/tr>\n\nFr Jul 2024 peak<\/strong><\/td>\nMoM<\/strong><\/td>\nYoY <\/strong><\/td>\nSince 2000<\/strong><\/td>\n<\/tr>\n\n-2.8%<\/td>\n0.0%<\/td>\n-2.6%<\/td>\n327%<\/td>\n<\/tr>\n

      Prices exploded by 53% between January 2020 and June 2022.<\/p>\n

      \"\"<\/p>\n\nSalt Lake City MSA, Home Prices<\/strong><\/td>\n<\/tr>\n\nFrom July 2022 peak<\/strong><\/td>\nMoM<\/strong><\/td>\nYoY <\/strong><\/td>\nSince 2000<\/strong><\/td>\n<\/tr>\n\n-2.6%<\/td>\n0.5%<\/td>\n2.1%<\/td>\n218%<\/td>\n<\/tr>\n

      \"\"<\/p>\n\nLos Angeles MSA, Home Prices<\/strong><\/td>\n<\/tr>\n\nFr Dec 2024 high<\/strong><\/td>\nMoM<\/strong><\/td>\nYoY <\/strong><\/td>\nSince 2000<\/strong><\/td>\n<\/tr>\n\n-2.2%<\/td>\n0.3%<\/td>\n-1.2%<\/td>\n326%<\/td>\n<\/tr>\n

      \"\"<\/p>\n\nCharlotte MSA, Home Prices<\/strong><\/td>\n<\/tr>\n\nFr May 2024 peak<\/strong><\/td>\nMoM<\/strong><\/td>\nYoY <\/strong><\/td>\nSince 2000<\/strong><\/td>\n<\/tr>\n\n-0.9%<\/td>\n0.1%<\/td>\n-0.7%<\/td>\n166%<\/td>\n<\/tr>\n

      Prices exploded by 54% between January 2020 and June 2022.<\/p>\n

      \"\"<\/p>\n\nNashville MSA, Home Prices<\/strong><\/td>\n<\/tr>\n\nFrom July 2022 peak<\/strong><\/td>\nMoM<\/strong><\/td>\nYoY <\/strong><\/td>\nSince 2000<\/strong><\/td>\n<\/tr>\n\n-1.7%<\/td>\n0.0%<\/td>\n-0.1%<\/td>\n215%<\/td>\n<\/tr>\n

      Prices exploded by 50% between January 2020 and June 2022.<\/p>\n

      \"\"<\/p>\n\nWashington D.C. MSA, Home Prices<\/strong><\/td>\n<\/tr>\n\nMoM<\/strong><\/td>\nYoY <\/strong><\/td>\nSince 2000<\/strong><\/td>\n<\/tr>\n\n0.1%<\/td>\n0.6%<\/td>\n217%<\/td>\n<\/tr>\n

      \"\"<\/p>\n\nBoston MSA, Home Prices<\/strong><\/td>\n<\/tr>\n\nMoM<\/strong><\/td>\nYoY <\/strong><\/td>\nSince 2000<\/strong><\/td>\n<\/tr>\n\n0.4%<\/td>\n1.2%<\/td>\n227%<\/td>\n<\/tr>\n

      \"\"<\/p>\n\nColumbus MSA, Home Prices<\/strong><\/td>\n<\/tr>\n\nMoM<\/strong><\/td>\nYoY <\/strong><\/td>\nSince 2000<\/strong><\/td>\n<\/tr>\n\n0.2%<\/td>\n1.4%<\/td>\n156%<\/td>\n<\/tr>\n

      \"\"<\/p>\n\nBaltimore MSA, Home Prices<\/strong><\/td>\n<\/tr>\n\nMoM<\/strong><\/td>\nYoY <\/strong><\/td>\nSince 2000<\/strong><\/td>\n<\/tr>\n\n0.0%<\/td>\n1.8%<\/td>\n178%<\/td>\n\n<\/tr>\n

      \"\"<\/p>\n\nMinneapolis MSA, Home Prices<\/strong><\/td>\n<\/tr>\n\nMoM<\/strong><\/td>\nYoY <\/strong><\/td>\nSince 2000<\/strong><\/td>\n<\/tr>\n\n0.3%<\/td>\n2.1%<\/td>\n161%<\/td>\n<\/tr>\n

      \"\"<\/p>\n\nKansas City MSA, Home Prices<\/strong><\/td>\n<\/tr>\n\nMoM<\/strong><\/td>\nYoY <\/strong><\/td>\nSince 2000<\/strong><\/td>\n<\/tr>\n\n0.4%<\/td>\n2.6%<\/td>\n181%<\/td>\n<\/tr>\n

      \"\"<\/p>\n\nNew York MSA, Home Prices<\/strong><\/td>\n<\/tr>\n\nMoM<\/strong><\/td>\nYoY <\/strong><\/td>\nSince 2000<\/strong><\/td>\n<\/tr>\n\n0.3%<\/td>\n2.9%<\/td>\n221%<\/td>\n<\/tr>\n

      \"\"<\/p>\n\nPhiladelphia MSA, Home Prices<\/strong><\/td>\n<\/tr>\n\nMoM<\/strong><\/td>\nYoY <\/strong><\/td>\nSince 2000<\/strong><\/td>\n<\/tr>\n\n0.1%<\/td>\n3.0%<\/td>\n209%<\/td>\n<\/tr>\n

      \"\"<\/p>\n\nChicago MSA, Home Prices<\/strong><\/td>\n<\/tr>\n\nMoM<\/strong><\/td>\nYoY <\/strong><\/td>\nSince 2000<\/strong><\/td>\n<\/tr>\n\n0.4%<\/td>\n3.6%<\/td>\n119%<\/td>\n<\/tr>\n

      \"\"<\/p>\n\nMilwaukee MSA, Home Prices<\/strong><\/td>\n<\/tr>\n\nMoM<\/strong><\/td>\nYoY <\/strong><\/td>\nSince 2000<\/strong><\/td>\n<\/tr>\n\n0.6%<\/td>\n3.7%<\/td>\n153.1%<\/td>\n<\/tr>\n

      \"\"<\/p>\n

      And in case you missed it:<\/strong><\/p>\n

      Here Come the HELOCs: Mortgages, Housing-Debt-to-Income-Ratio, Serious Delinquencies, and Foreclosures in Q3 2025<\/a><\/p>\n

      Household Debts, Debt-to-Income Ratio, Delinquencies, Collections, Foreclosures, and Bankruptcies of our (not so) Drunken Sailors in Q3 2025<\/a><\/p>\n

      Enjoy reading WOLF STREET and want to support it? You can donate. I appreciate it immensely. Click on the mug to find out how:<\/strong><\/p>\n

      \n\"\"<\/a>\n<\/p>\n

      \"\"<\/p>\n

      WOLF STREET FEATURE: Daily Market Insights by Chris Vermeulen, Chief Investment Officer, TheTechnicalTraders.com<\/a>.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"Prices fell year-over-year in 22 of the 33 metros. In 9 of the 33, prices rose to new…\n","protected":false},"author":3,"featured_media":384883,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[64,79,67,132,68],"class_list":{"0":"post-384882","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-business","9":"tag-economy","10":"tag-united-states","11":"tag-unitedstates","12":"tag-us"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/115564281592261819","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/384882","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=384882"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/384882\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/384883"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=384882"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=384882"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=384882"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}