Published June 19, 2023
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88 U.S. Markets Lost Value Year-Over-Year

Last quarter, home prices declined Year-over-Year (YoY) on a ‘real’ (inflation-adjusted) basis in 88(22%) of the 405 largest metropolitan real estate markets nationwide.

In the previous quarter, 34 markets had annual home price declines.

Home prices in most markets continued to appreciate on a year-over-year basis, but at a declining rate.

Contrary to all the dire warnings we’ve all been seeing from so-called experts over the past several YEARS, the “mother of all real estate crashes” never materialized! 

They’ve all been dead wrong.

Instead we experienced the biggest 2-year real estate wealth creation period in U.S. history.

(It matters WHO you listen to.)  🙂

A few of the high-flying markets with crazy-high 2-year nominal appreciation of 50% and 60% or more during the pandemic have finally turned negative compared to year-ago prices. Other markets keep appreciating, even in the face of higher mortgage rates and tighter capital.

We Aren’t Out of the Woods, YET!

A small shift in Market Psychology could easily take YOUR market down (and you along with it). There are extreme macro-economic and Geo-political risks ahead.

You’ve got to track what’s ACTUALLY HAPPENING in your LOCAL market.

Only Technical Analysis (‘TA’) can give you precise decision triggers and only HousingAlerts can provide them.

This is the most volatile (and exciting) time for real estate markets I’ve ever seen.

Fortunes will be made or lost in the coming quarters; some markets will do amazingly well; others will crash and burn.

(See the entire list of declining markets below.)
In addition to the list of declining cities below, we also use our Advance-Decline (A-D) Indicator that aggregates and tracks Market Breadth.

‘Market Breadth’ is a technique used in Technical Analysis (TA) that attempts to gauge the direction of the overall market by analyzing the number of markets advancing relative to the number declining.

Changes in Market Breadth can act as early indicators for changes in the market cycle.

Here’s what the Year-Over-Year Advance-Decline
data looks like for the overall National market.

Advance-Decline Momentum Indicator vs Home Price Appreciation Chart Year-Over-Year 1976-2018

#1 – When the red chart line is inside the green zone it’s a bullish – or positive – outlook on the overall market.

#2 – When the red line is in the middle zone it’s telling us there is no strong bullish or bearish direction; you must rely more heavily on market-by-market selections.

#3 – When the red line is in the bottom (red) zone, it indicates substantial weakness in the overall market.

PRO level members can customize this Advance-Decline indicator for more granular insights.

Below is the list of cities with
declining Year-Over-Year home prices…

List Showing 5 U.S. Markets Lost Value Year-Over-Year


HousingAlerts has been providing the most actionable,  market-by-market decision triggers for every U.S. real estate market for 17 years running.

If your markets are on this list, DON’T panic!

ONE data point, whether it’s for a Quarter or a Year, doesn’t necessarily mean it’s time to buy, sell or hold… or do ANYTHING different, other than pay closer attention. That’s where Technical Analysis (TA) comes in.

TA is a 500 year old science to help predict future market swings. TA is used by every Wall Street investment bank and every global stock, bond, currency and commodities trading firm on the planet for TRILLIONS of dollars in DAILY trades.

We invented TA for local real estate
markets and have the most accurate local
market cycle predictions on Planet Earth

If and when any particular local real estate market starts to roll over and crash, you can see it from a mile away inside HousingAlerts.

If you want to maximize your Investing, Wholesaling and Flipping profits while minimizing risk, capital and effort in ANY U.S. real estate market, you need to invest WITH the market. Come join us and enter the world of Intelligent Investing.


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