More than a quarter of homes across the US have decreased in value over the past year, despite the ongoing housing market recovery, according to the latest real estate market report from Zillow.

Some markets have already surpassed home values reached at the height of the housing bubble, while other markets are struggling to leave the recession behind, the analysis shows.

Nationally, homes appreciated 3.3% from a year ago, rising to a Zillow Home Value Index of $180,800. However, the national growth rate has levelled off over the past five months, suggesting the housing recovery has ending and the market is returning to normal.

Overall some 28% of homes lost value over the past year. Before the housing market crashed, an average of 21% of homes were losing value and in December 2008 some 82% of homes lost value, the highest amount during the recession.

Markets on the East Coast and in the Midwest had the highest share of homes that lost value, led by 48% of homes in Baltimore which saw prices fall over the past year. Philadelphia with 43% and Washington DC at 41% also had large shares of homes losing value.

Conversely, few homes lost value in hot markets like Denver, Dallas, San Jose, and San Francisco, which all saw double digit home value growth over the past year.