These 2 maps show the U.S home price correction is sharper—and more widespread—than previously thought - Fortune

To better understand the ongoing home price correction, let’s take a look at the more up-to-the-minute home value indices calculated by Zillow and John Burns Real Estate Consulting.

Among the 148 major housing markets (see chart above) tracked by John Burns Real Estate Consulting, 98 markets have seen home values fall from their 2022 peaks.

In 11 markets, the Burns Home Value Index* has already dropped by more than 5%.

In this housing cycle, we're seeing neither a supply glut nor a flood of distressed sellers, but we're still seeing home prices begin to slide down.

Among the nation's 150 largest housing markets (see chart above) tracked by Zillow, 89 markets have seen home values fall from their 2022 peaks.

In 10 markets, the Zillow Home Value Index has already dropped by more than 5%.

The housing markets seeing the sharpest home price corrections are in one of two camps: Either "NASDAQ" or "frothy.".