Housing’s Great Split: Winners & Losers
America’s housing market is splitting in two, and the divide is getting deeper.
In November, prices fell year over year in 22 of 33 major metros, with former boomtowns like Austin, Phoenix, and San Francisco down as much as 10–24% from their peaks.
At the same time, a smaller group of Midwest and Northeast cities quietly pushed to new highs, even as national prices went essentially nowhere.
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The Most Splendid Housing Bubbles in America: Price Drops & Gains in 33 Large Expensive Metros in November 2025
U.S. housing markets are diverging. Prices fell year-over-year in 22 of 33 major metros, led by Austin (-23.6%), San Francisco, and Phoenix. A handful of Midwest and Northeast markets hit new highs, leaving national prices essentially flat.
3 Forces Shaping the housing Market in 2026
The housing market in 2026 will move forward slowly, not rebound. Life events will force delayed moves, and inventory will probably increase as rate lock-in eases. Progress will be uneven and driven more by necessity than mortgage rates.
Housing Supply Stiffens as New Listings Experience Sharpest Decline in Two Years
New listings just posted their biggest drop of 2025 as sellers pull back amid weak demand and year-end caution. Pending sales are sliding, homes are taking longer to move, and buyers remain hesitant despite slightly lower rates.
Google’s Eeal Estate Listings ‘Experiment’ Sends Zillow Shares Down More Than 8%
Google is testing direct home listings in search results, cutting portals like Zillow out of the click path. Early pilots sparked fears of traffic losses, sending Zillow shares down. Analysts say near-term impact is limited, but the long-term risk to listing portals is real.
Billionaire Real Estate Developer Waves Red Flag Over Data Centers
A billionaire CRE developer says data centers are flashing warning signs. He worries pricing lacks real exits, leases may not hold, and AI hardware could become obsolete fast. Big capital is piling in, but he is sitting this cycle out.
Homeowners are Losing Thousands in Equity Thanks to Weakening Prices
Home sellers are pulling their listings at an unusually high rate, with delistings up 45% this year and far above normal fall levels. Buyers are shifting toward cheaper “refuge markets” like Grand Rapids and St. Louis, where prices are still well below the national median.
