The housing market has been in a serious crunch since the COVID-19 pandemic, with limited inventory , elevated home prices and mortgages in the 7% range, continuing to keep many would-be home buyers locked out . But even amid such tight constraints, modest declines in home prices can still be found in some regions of the country.

That's according to a new report from Realtor.com, which measures changes in median home prices across the 50 largest U.S. metro areas since 2022, when median home prices hit a peak of $443,000 according to the Federal Reserve Bank of Saint Louis.

The extent to which home prices are declining varies from region to region according to the Realtor.com report, which is based on the brokerage platform's housing data.

"The housing market has cooled modes

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