15 Cities Where Home Prices Are Falling

During the pandemic housing boom, home prices grew rapidly. Since then, that growth has slowed, and in some parts of the U.S., they have even declined. U.S. home prices in March 2026 were up by just 2.2% from June 2022. However, on a local level, some metros have seen substantial declines in home prices since 2022. The Resiclub blog looked at the 300 largest metros in the U.S. to figure out which saw the biggest decreases in home prices, and found that 15 have seen declines of more than 10% since June 2022.

Which metros saw the sharpest declines in home prices?

In Austin, Texas, where inventory has taken off since the pandemic housing boom, home prices have fallen by 27.8% since June 2022. Similarly, in Punta Gorda, Fla., home prices have fallen by 25.4% during the same period. In Cape Coral, Fla., they fell by 18.9%, and in the Sarasota, Fla., metro, prices fell by 17.5%.

Why are these metros seeing home prices fall?

Many of the housing markets where home prices are down the most from their 2022 peak, are located in the South and Mountain West regions. While many of the metros in these regions initially saw price hikes, they were then flooded with new-home inventory, which helped to bring down costs.

For instance, in Austin, Texas, home prices grew by 73% from March 2020 to June 2022 before coming down, and in Punta Gorda, Fla., they grew by 71%. Likewise, in Cape Coral, Fla., and in Sarasota, Flas., they grew by a respective 70% and 69% from 2020 to 2022.