12 maps reveal bizarre housing market trends.
The US housing market is experiencing a historic deterioration in affordability, but the impact on home prices has been mixed. While some Western markets have seen prices fall 10% from their 2022 peak, markets like Miami and Cincinnati have set new all-time highs for local home prices in April. This bifurcated market highlights the importance of focusing on local trends. The housing market has been divided due to Western markets being more rate-sensitive and having strained affordability after years of overheated home price growth. The pandemic has given many Americans more freedom to choose where they live, and a lot of them are choosing places where expensive homes are not the norm.