Top 15 U.S. Housing Markets with Steepest Home Price Declines Since 2022 Peak

During the pandemic housing boom, demand surged amid ultralow interest rates, stimulus checks, and the remote work boom. Federal Reserve researchers estimated that new construction would have had to increase by roughly 300% to absorb the pandemic-era surge in demand.

Unlike housing demand, housing supply is inelastic and could not ramp up quickly. The imbalance drained active inventory and overheated prices, pushing U.S. home prices in June 2022 to 43.2% above March 2020 levels. Some metro markets saw even steeper gains:

• Naples, Florida: +73%
• Austin-Round Rock-Georgetown, Texas: +73%
• Punta Gorda, Florida: +71%
• Cape Coral-Fort Myers, Florida: +70%
• North Port-Bradenton-Sarasota, Florida: +69%

Post-2022 Correction: Home Prices Recalibrate

Mortgage rates spiked in 2022, ending the pandemic boom. Since June 2022, the U.S. housing market has recalibrated: home prices in March 2026 are up just 2.2% above June 2022 levels, while weekly U.S. worker earnings rose 14.7% over the same period.

15 Markets with Home Price Declines of 10% or More

ResiClub’s analysis of the Zillow Home Value Index shows that 15 of the nation’s 300 largest metro-area housing markets have home prices this spring at least 10% below their local 2022 peaks:

• Austin-Round Rock-Georgetown, TX → -27.8%
• Punta Gorda, FL → -25.4%
• Cape Coral-Fort Myers, FL → -18.9%
• North Port-Sarasota-Bradenton, FL → -17.5%
• New Orleans-Metairie, LA → -13.8%
• Houma-Thibodaux, LA → -13.2%
• Boulder, CO → -11.8%
• Phoenix-Mesa-Chandler, AZ → -11.6%
• Naples-Marco Island, FL → -11.5%
• Lake Charles, LA → -11.4%
• San Antonio-New Braunfels, TX → -11.2%
• San Francisco-Oakland-Berkeley, CA → -11.0%
• Denver-Aurora-Lakewood, CO → -10.6%
• Dallas-Fort Worth-Arlington, TX → -10.1%
• Boise City, ID → -10.1%

Note: A market’s decline from its 2022 peak does not guarantee ongoing price drops. As of the latest reading, home prices are up year over year in metro New Orleans (+2.1%), and pockets of San Francisco are seeing notable pricing activity this spring.

Why These Markets Are Softening

Many of the weakest housing markets are in the Southern and Mountain West regions—areas that were pandemic boomtowns with rapid home price growth. When mortgage rates rose and domestic migration slowed, markets like Punta Gorda and Austin struggled to sustain high prices without local income support.

The softening was accelerated by an influx of new home supply across the Sunbelt. Builders often cut prices or offer affordability incentives to maintain sales, contributing to broader price corrections.