Around Zero, Noise Looks like Signal

Home prices are rising in some ZIPs and falling in others. This is normal in stagnant markets.

At the end of 2025, home prices had risen from a year earlier in 16,500 ZIP codes (63%). Prices were lower than a year earlier in 9,800 ZIP codes. Gains were concentrated in the Midwest and Northeast—with over 85% of ZIP codes in states like Wisconsin, Indiana, Connecticut, and Illinois seeing appreciation. Losses were predominant in the Sunbelt, where …