It's official: The sudden reversal in home prices that began this spring has hit every one of America's major metros with declines from their recent all-time peaks. What's remarkable is the gigantic range of the pullbacks from region to region, and how the biggest losers are due to keep falling fast, while the metros that so far have taken the most modest hits should face only relatively small retreats from their pinnacles by the close of 2023.
That's the evidence from a report just issued by the American Enterprise Institute's Housing Center. Each month, the AEI measures the total change in home prices in 58 markets from their previous summits. The new chart shows that 45 of those cities crested to cap a synchronized spiral between April and June, though a handful peaked later, including Miami and North Port in July, and Greenville, Charleston and Cincinnati in September. For the first time in October, every one of the 58 markets registered a fall from their high points, ranging from -12.9% in San Jose to -0.5% in Memphis.
