Why “Flat” Home Prices Don’t Tell the Full Story

You may have seen headlines saying home prices are flat — but that doesn’t mean prices are truly standing still.

Across the country, price trends are diverging, not flattening. Data from ResiClub and Zillow on the 50 largest metros shows a clear split: roughly half are still seeing prices rise, while the other half are seeing slight declines.

The key factor? Inventory.According to Harvard’s Joint Center for Housing Studies, prices are falling where listings have surged, but still climbing where supply remains tight. When you average those extremes together, it looks “flat” — even though most local markets are moving in one direction or the other.

And while some areas have seen modest pullbacks, remember: prices nationally are still up about 50% over the past five years. A small dip doesn’t erase the gains homeowners have made since 2020.

• Buyers: In appreciating markets, waiting could mean paying more later. Where prices are easing, you may have room to negotiate.

• Sellers: Know your local trend. Price competitively and stay flexible if your area is cooling — homes priced right are still selling fast.