US Housing Market: 25 of 33 Big Cities See Year-Over-Year Price Drops in April 2026

In April 2026, home prices fell year-over-year in 25 of 33 major US cities tracked by the Zillow Home Value Index, with Oakland and Austin leading declines at 26% below their 2022 peaks. Of the 33 cities, 28 have dropped from their respective peaks, while New York City, Chicago, Philadelphia, Omaha, and Minneapolis reached new highs in 2026. Month-over-month, prices declined in 27 cities, rose in 3, and were unchanged in 3. The report by Wolf Richter highlights that the price spikes from mid-2020 to mid-2022, fueled by the Federal Reserve's low-interest-rate policies, have largely reversed. In San Francisco, AI company wealth (e.g., OpenAI) has created a 'mansion shortage' that trickles down to mid-tier homes, though prices remain 10% below the 2022 peak. The index uses seasonally adjusted three-month-average mid-tier Zillow Home Value Index data.