Slowing home price growth
The pace of home value growth finally normalized since the historical highs of 2020 and 2021.
Overall, U.S. home prices rose 1.7% year-over-year in June, according to Cotality. But that ranged by over 10 percentage points across the country.
See which states saw the largest and smallest rates of home price growth.
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Since skyrocketing from the extreme demand of rock-bottom mortgage rates in 2020 and 2021, the pace of housing value growth continues to decelerate.
Single-family home prices rose 0.1% monthly and 1.7% annually in June, according to Cotality’s Home Price Index (HPI). That marked the lowest month-over-month increase for a June since 2008.
“These changes are creating new opportunities for potential homebuyers who were previously unable to enter the market due to high prices. But, the extent to which buyers can enter the market is influenced by the stability of the labor market and the absence of major layoffs,” said Selma Hepp, chief economist at Cotality.
“Housing markets are currently undergoing a period of transition, with an increasing proportion of markets experiencing annual declines in home prices. In June, 20% of the 949 large and small metropolitan areas recorded price reductions — the highest percentage since 2012. However, this softness is primarily concentrated in southern and southeastern markets, including major metropolitan areas in Florida, Texas, and the San Francisco Bay Area.”
Cotality forecast prices to grow 0.5% from June to July and 4.2% by June 2026.
At the state level, Connecticut led the nation with an 7.83% annual gain. New Jersey (7.56%) and Rhode Island (6.79%) came next, with Illinois (5.95%) and West Virginia (5.46%) rounding out the top five. Four states/districts posted annual declines, with Washington, D.C. falling the most (-2.55%). Above that came Montana and Florida (-1.49% each), Texas (-0.57%), and Colorado (0.07%).
On a month-over-month basis, Indiana properties saw the biggest boost (1.22%). Right behind were North Dakota (1.09%), New Hampshire (0.97%), Vermont (0.92%), and Rhode Island (0.88%). A total 18 locales experienced monthly declines in June, with Wyoming’s 0.86% drop topping the list. Following were New Mexico (-0.85%), Mississippi (-0.84%), Montana (-0.5%) and Alaska (-0.41%).
The table below shows every state’s HPI changes for June 2025, according to Cotality:
| State | Month-Over-Month % | Year-Over-Year % | Forecasted Month-Over-Month % | Forecasted Year-Over-Year % |
| ALABAMA | -0.01% | 1.50% | 0.48% | 4.26% |
| ALASKA | -0.41% | 1.47% | 0.40% | 6.87% |
| ARIZONA | -0.13% | 0.69% | 0.11% | 2.02% |
| ARKANSAS | 0.53% | 3.84% | 0.59% | 3.55% |
| CALIFORNIA | 0.08% | 0.74% | 0.16% | 4.69% |
| COLORADO | -0.12% | 0.07% | 0.29% | 4.12% |
| CONNECTICUT | 0.68% | 7.83% | 0.74% | 3.71% |
| DELAWARE | 0.05% | 2.16% | 0.23% | 2.82% |
| FLORIDA | -0.22% | -1.49% | 0.28% | 4.74% |
| GEORGIA | 0.32% | 1.93% | 0.51% | 3.69% |
| HAWAII | 0.11% | 0.40% | 0.52% | 6.50% |
| IDAHO | -0.24% | 1.64% | 0.54% | 4.79% |
| ILLINOIS | 0.75% | 5.95% | 0.75% | 3.20% |
| INDIANA | 1.22% | 4.72% | 0.73% | 2.17% |
| IOWA | 0.14% | 2.59% | 0.59% | 4.00% |
| KANSAS | 0.39% | 3.39% | 0.44% | 2.91% |
| KENTUCKY | 0.26% | 3.56% | 0.46% | 3.64% |
| LOUISIANA | 0.63% | 0.85% | 0.65% | 3.99% |
| MAINE | 0.66% | 3.72% | 0.82% | 3.94% |
| MARYLAND | -0.37% | 2.18% | 0.31% | 3.05% |
| MASSACHUSETTS | 0.03% | 4.21% | 0.45% | 3.35% |
| MICHIGAN | 0.79% | 4.03% | 0.71% | 2.68% |
| MINNESOTA | 0.51% | 2.28% | 0.62% | 3.14% |
| MISSISSIPPI | -0.84% | 0.98% | 0.53% | 4.18% |
| MISSOURI | 0.55% | 3.59% | 0.63% | 3.17% |
| MONTANA | -0.50% | -1.49% | 0.72% | 5.16% |
| NEBRASKA | -0.04% | 1.76% | 0.46% | 2.93% |
| NEVADA | 0.34% | 2.84% | 0.44% | 4.16% |
| NEW HAMPSHIRE | 0.97% | 4.99% | 0.74% | 4.15% |
| NEW JERSEY | 0.59% | 7.56% | 0.49% | 1.70% |
| NEW MEXICO | -0.85% | 0.40% | 0.46% | 4.18% |
| NEW YORK | -0.12% | 3.53% | 0.76% | 4.35% |
| NORTH CAROLINA | 0.16% | 2.25% | 0.45% | 4.11% |
| NORTH DAKOTA | 1.09% | 5.09% | 0.73% | 4.45% |
| OHIO | 0.54% | 4.16% | 0.53% | 1.94% |
| OKLAHOMA | 0.48% | 2.65% | 0.59% | 3.61% |
| OREGON | 0.06% | 0.73% | 0.50% | 6.27% |
| PENNSYLVANIA | 0.41% | 4.07% | 0.51% | 2.87% |
| RHODE ISLAND | 0.88% | 6.79% | 0.86% | 2.93% |
| SOUTH CAROLINA | -0.25% | 2.64% | 0.40% | 4.22% |
| SOUTH DAKOTA | -0.08% | 4.09% | 0.82% | 4.85% |
| TENNESSEE | 0.04% | 2.16% | 0.53% | 4.51% |
| TEXAS | -0.28% | -0.57% | 0.39% | 3.23% |
| UTAH | -0.20% | 0.84% | 0.57% | 4.78% |
| VERMONT | 0.92% | 3.28% | 1.06% | 5.43% |
| VIRGINIA | 0.01% | 3.29% | 0.33% | 1.83% |
| WASHINGTON | -0.25% | 1.24% | 0.28% | 5.22% |
| WASHINGTON, D.C. | 0.09% | -2.55% | 0.46% | 4.14% |
| WEST VIRGINIA | 0.49% | 5.46% | 0.60% | 3.90% |
| WISCONSIN | 0.73% | 5.43% | 0.69% | 3.15% |
| WYOMING | -0.86% | 2.13% | 0.44% | 4.61% |
Advice for home buyers
Whether you’re a buyer or seller, navigating the housing market and its prices can be challenging.
When you’re shopping for property, you should know what to look for, what advice to take, and how to negotiate before putting offers on a house. And you should always see what financial assistance you may qualify for.
If you’re ready to become a homeowner, reach out to a local mortgage lender and get started.
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