Home prices don’t have to crash for a housing market to start flashing warning signs. Sometimes, the first thing to disappear is simply the buyers.
Several sizable U.S. cities lost residents between July 2024 and July 2025, according to Census estimates. Population decline alone doesn’t guarantee falling home values, but fewer residents can mean fewer potential buyers competing for properties—especially when the number of homes available continues to grow.
That matters in a housing market already showing signs of weakness. Zillow put the typical U.S. home value at $372,057 in June 2026, just 1.1% higher than a year earlier, while Realtor.com reported national asking prices falling 2.5%…