Many companies featured on Money advertise with us. Opinions are our own, but compensation and
in-depth research may determine where and how companies appear. Learn more about how we make money.

Published: Feb 01, 2023 3 min read
Residential houses in San Francisco, California, USA
San Francisco, California
Getty Images

As rising mortgage rates threw cold water on the housing market last fall, prices fell dramatically in some of the country’s hottest cities for homebuyers.

But as mortgage rates decrease again, experts say house hunters should expect a more competitive market in the months to come.

What the data shows

Here are the cities where home prices dropped the most compared to the market’s peak in the spring, according to a new analysis of data from CoreLogic S&P Case-Shiller Indices, which tracks home values in the United States. Also included is the amount they dropped between the peak and November 2022 (the most recent month for which data is available).