US Single-Family Home Prices Drop 10-26% in 15 Cities

Mid-tier single-family home prices in 15 larger US cities have fallen 10% to 26% from their peaks, according to the Zillow Home Value Index. Austin leads with a 26% decline, followed by Oakland at 25% and New Orleans at 20%. Most peaks occurred in mid-2022, but Phoenix, St. Petersburg, and Naples peaked in 2024. The list includes new entries Fort Worth and Aurora, while San Francisco and Portland dropped off as prices recovered slightly. In McKinney, Texas, homebuilders like Lennar have aggressively cut prices, with Lennar's average sale price down 24% from 2022. San Francisco remains 9% below peak despite an AI-driven mansion shortage. The data is seasonally adjusted and based on three-month averages from Zillow's database.