Home Prices Are Quietly Cracking—The Last Time It Looked Like This Was 2010

A trend unseen since the aftermath of the financial crisis is unfolding, as U.S. home prices declined for a third consecutive month in June 2025, quietly signaling that cracks may be forming in the housing market.

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According to the Federal Housing Finance Agency, the national Home Price Index declined 0.2% in June, following a 0.1% decrease in May and a 0.3% drop in April.

While individually minor, the streak marks the first three-month slide in home prices since December 2010—a period defined by weak recovery following the Great Recession.

The June reading missed expectations for flat growth, adding to growing concerns over market momentum. On an annual basis, home prices were up 2.6%—the slowest year-over-year rise since early 2012.

All nine U.S. census divisions reported year-over-year increases, although the pace varied significantly. The Middle Atlantic division—covering New York, ...