The home price correction is spreading—this interactive map shows if your local housing market is impacted - Fortune

To better understand what’s going on with home prices, Fortune looked at monthly home values as measured by the Zillow Home Value Index (ZHVI).

Back in May, Moody's Analytics chief economist Mark Zandi made a bold proclamation: The housing market would soon enter a home price correction.

Among the 896 major regional housing markets tracked by Zillow, 117 markets saw home values fall between May 2022 and August 2022.

The housing markets getting hit the hardest by the home price correction fall into one of two groups.

However, the ongoing home price correction has done little so far to chip away at the Pandemic Housing Boom gains.

If one zooms out even further, the 2022 price drops in markets like Boise look even smaller—at least relative to the gains we've seen during the Pandemic Housing Boom.

After the 5.3% price drop in Boise this summer is accounted for, home values in the market are still up 48.6% since March 2020.

And so there are a lot of markets across the country where we’re forecasting that home prices are going to fall double digits,” Rick Palacios Jr., head of research at John Burns Real Estate Consulting, tells Fortune.