Zonda’s November 2025 National Outlook Report found that of Zonda’s top 50 housing markets, 60% had higher listings compared to September 2019, compared to just 40% in 2024. Most listings and inventory equate to greater mobility. Buyers gain options and sellers gain confidence to list without worrying about finding their next home.
Higher levels of inventory and competition have also led to lower pricing. New home pricing is down from peak in nearly every top market across the country.
Where Prices Are Cooling
Zonda’s report highlights how new-home prices have changed since their recent peaks.
New home prices are drastically lower in several notable markets including San Francisco, San Jose, Miami, Salt Lake City, Colorado Springs, Naples, and Austin. Some markets have flat or rising prices, signaling resilient demand. These include:
Markets holding close to peak pricing remain competitive, but they also signal stable demand and economic strength.
Where Job Trends Are Shifting
The report’s employment map shows that many metros are seeing a decline in high-income job growth. Cities like Sacramento, San Francisco, Fort Collins, Minneapolis, Port St. Lucie, and San Diego are experiencing slowdowns or outright declines.
A cooling job market can translate to:
More cautious buyers
Softening home prices
Reduced competition
Markets that have seen high income YoY employment growth include: Reno, Sarasota, Charlotte, Columbia, Charleston, Greenville, NC, and Columbus.
Markets That May Offer Opportunity
Buyers may find strong value in cities where:
Prices have moderated
Inventory is improving
Job trends are stable, not declining
Builders are active and offering incentives
Examples include parts of the Southeast, Midwest, and Texas suburbs.
Bottom Line
If you’re open to relocating, 2026 offers a unique mix of markets where job trends and home prices are creating opportunities. Understanding where prices are cooling—and why—can help you choose a market that fits both your lifestyle and your budget.
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