Home-price growth at decade low, Florida markets lead declines

Home-price growth in the U.S. fell to its lowest rate in more than a decade this April, according to the latest data from Cotality.

Weighing on the market were continued concerns about the economy, including job stability, inflation and possible tariff impacts — all contributing to sluggish buyer demand.

“Housing market headwinds continue to challenge homebuying demand, but improved for-sale supply is providing buyers with more options and helping keep softer price pressures for those looking to buy this spring,” said Selma Hepp, Cotality’s chief economist. “And while annual home-price growth has slowed considerably, home prices this spring have held up, and gains have mostly mirrored trends seen before the pandemic. This is encouraging given the fears that consumer sentiment has faltered.”

The firm’s April 2025 Home Price Index shows a national cooling with regional variations.

Notably, Florida — once a hotbed of rapid appreciation — led the nation in price declines. The state posted a -0.8% year-over-year drop, with several metro areas seeing sharper corrections.

Cape Coral recorded the steepest annual decline in the country, with home values down 6.5% compared to April 2024.

Statewide, Florida’s median home price fell to $390,000, below the national median and out of the top 20 most expensive housing markets for the first time in years.

Texas and Washington, D.C. also saw price drops, though more modest at -0.7% and -0.6%, respectively. Hawaii declined 2% year-over-year.

The Northeast — which has been relatively resilient in recent months — showed signs of softening. New York and Vermont were among the states furthest from their peak prices in April, signaling that the slowdown is spreading.

Despite the broader cooling, Hepp said price declines remain localized.

“It is important to note that the number of markets where home prices are declining has not grown notably,” she said.

Looking ahead, Cotality forecasts stable prices in the near term, citing increased inventory and a return to more typical seasonal trends.