Change in metro-level home prices since their 2022 peak levels

Are you surprised? 😳

Among the 300 largest metro area housing markets, these 5 have seen the biggest home price declines since their 2022 peak:

• Austin, TX leads the pack with a staggering -23.0% drop in home prices. This vibrant city, known for its live music scene and tech industry boom, has experienced a significant market correction.
• Following closely is Punta Gorda, FL with an -18.6% decline. This picturesque coastal area, popular among retirees and tourists alike, has not been immune to the broader market trends.
• New Orleans, LA, famous for its rich cultural heritage and bustling tourism industry, has seen a -15.4% reduction in home prices.
• Cape Coral-Fort Myers, FL, another sunny destination known for its waterfront living and boating lifestyle, has witnessed a -13.7% decrease.
• Lastly, North Port-Sarasota, FL rounds out the list with a -12.8% drop in home prices. This region, celebrated for its beautiful beaches and arts scene, has also faced notable price adjustments.

These significant declines reflect broader economic factors and market dynamics impacting housing prices across various regions in the United States.