Austin home prices are down 27.6% from their 2022 peak, according to Zillow data reported by ResiClub this month, one of the steepest declines of any major market in the country. San Antonio, Tampa, and a handful of other Sun Belt metros are seeing similar softness. If you only read the price data, you’d think affordability in the Sun Belt is finally healing. It isn’t, and the numbers explain why.