Since June 2022, U.S. home prices have risen only 2.2%, with some metros experiencing declines over 10%. Austin, Texas, saw a 27.8% drop, Punta Gorda, Florida, 25.4%, Cape Coral 18.9%, and Sarasota 17.5%. These declines follow rapid price increases during the pandemic, driven by a surge in new-home inventory in Southern and Mountain West markets, which helped reduce costs.