Melody Wright expects home prices to fall by as much as 50 percent next year, in a way that could “worse than 2008.”

The U.S. housing market is going to face a price correction “worse than 2008,” according to housing analyst Melody Wright, who expects home prices to drop in half as soon as next year.

Rising inventory and dwindling demand have brought down home prices in many U.S. metropolitan areas this year, especially in those markets in the Sunbelt and the South which became overheated between 2020 and 2022.

At the national level, the vertiginous price growth that characterized the pandemic years has also slowed to a grind, with the median sale price of a home in October only 1.2 percent higher than a year ago, according to Redfin, at $439,701.

According to a new report from Zillow, 53 percent of all U.S. homes lost value over the past 12 months—the most since 2012.