Condos are often the first and biggest movers in local housing markets – on the way up, and on the way down. And the price declines have picked up speed in most of the 20 cities we’re looking at here.

Long-term rental of condos has come under pressure from the flood of supply of new higher-end apartment developments that sprang up over the past few years. The vacation-rental boom over the past few years created a huge supply of vacation rentals, and demand for them may have peaked. For investors, condos are expensive to carry, and they can quickly become a money pit.

Price drops are spreading and steepening. In three of our 20 cities here, condo prices have already dropped by 20% or more from their peak through May. In two other cities, prices have dropped by 15% and 16%. The 20 cities are spread over 11 states, led by Florida, Texas, Arizona, California, and Colorado.