Not all American homes are rising in value.

Almost 30% of all homes lost value in August from a year earlier, according to real estate company Zillow Group Z, +3.63% , down from a recent high of 65% in January 2009, although a normal housing market would be closer to 20%. “Not all markets are experiencing the recovery evenly,” says Svenja Gudell, chief economist at Zillow. “Some big metro markets had a relatively large share of homes lose value over the past year, while others had precious few.” Overall, the median value of homes rose 3.3% year-over-year to $180,800, but appreciated at half the pace of August 2014.

Zillow’s report is consistent with other recent housing reports, which indicated that we should expect to see slower market activity for the remainder of the year. For example, real-estate website Trulia’s recent report on the fastest moving housing markets showed a slowdown in how quickly homes are being sold, despite hot markets in the San Francisco Bay Area, Seattle and Denver. “Overall, pressures over the last year have squeezed affordability in many areas which is now impacting the purchasing power of potential home buyers,” says Selma Hepp, Trulia’s chief economist.

Read: 10 cities where housing markets hit record highs

Of the largest 35 metro markets covered by Zillow, Baltimore, Md., Washington, D.C., and Philadelphia, Penn. all had more than 40% of homes lose value year-over-year in August. In Baltimore, 48% of homes decreased in value. On the other hand, Denver, Colo. Dallas-Fort Worth, Texas, San Francisco and San Jose, Calif., Seattle, Wash. and Portland, Ore. all had less than 10% of homes lose value over the past year. “Denver, which continues to be the hottest large real estate market in the county, had a scant 1.5% of homes lose value over the past year,” Gudell says.

But this obviously varies dramatically, depending on city and the neighborhood. In the Denver area, less than 1% of all homes in ZIP code 80017 in the city of Aurora lost value year-over-year in August, compared to 23% in ZIP code 80827 in the community of Lake George. In the Baltimore metro area, 48% of homes are currently losing value, but only 25% of homes in ZIP code 21040 in the city of Edgewood to the northeast of the City of Baltimore. In ZIP code 21623 in the community of Church Hill, meanwhile, across the Chesapeake Bay from Baltimore, 74% of homes are losing value.

The “Zillow Real Estate Market Report” 516 metropolitan and smaller “micropolitan” neighborhoods across 35 metro areas. Some areas still have large inventory from before the housing market crash in 2008 that were built farther from the city center and remain less desirable today and so attract fewer buyers. But other markets, like the Bay Area, have high demand and low inventory. Nationally, home values are still nearly 8% off their April 2007 peak value of $196,400. For the past six months, home values have appreciated less than 4% on an annual basis.

Rising home prices helped build wealth for those who bought homes before the Great Recession. The housing market has not fully returned to normal in the wake of the crash. For example, although the number of underwater mortgages has more than halved in the last three years, 9% of residential mortgages (the equivalent of approximately 4.4 million units) are on homes that are still worth less than the value of their mortgages, according to the latest figures from CoreLogic, a mortgage-data firm. And new homes sales have reached the highest level in seven years.

Also see: America’s most (and least) affordable housing markets