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Experts Say a Market Correction Is Losing Steam, but Prices Continue to Fall in These Major Metros

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Housing Markets

Experts Say a Market Correction Is Losing Steam, but Prices Continue to Fall in These Major Metros

While some housing markets are recording strong growth ahead of the spring season, home prices are still falling from peak highs in these overheated metros

March 21, 2023
Aerial view of Boise, Idaho
Image: Tyler / stock.adobe.com

At the peak of a nationwide correction in September, the Zillow Home Value Index (ZHVI) revealed month-over-month home price declines in 303 of the nation’s 400 largest housing markets, but in the first several months of 2023, that trend seems to be reversing. Just 133 of the nation’s 400 largest housing markets registered a month-over-month home price decline in February, while 267 markets saw a month-over-month increase in home prices, Fortune reports.

While some overheated western markets such as San Francisco and Boise, Idaho, are still registering monthly declines, Midwestern markets are seeing substantial growth.

Unlike overheated Western housing markets, many Northeast and Midwest markets remained closer aligned to fundamentals during the Pandemic Housing Boom. That put those markets in a better position to weather the affordability crunch brought on by last year's mortgage rate shock.

Now that home price growth is returning to more markets, does that mean the home price correction is nearing its conclusion? Experts are divided.

Read more


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