The Zip Code Feeling the Most Pain is . . . .

definitely 77027, the Afton Oaks area. Today's market condition update shows six of its eight price ranges to be RED in inventory, a  buyer's market. This is happening at the high end, a result of so much redevelopment during the past decade. This zip code also experienced the highest appreciation in recent years in price per square foot paid so you might say they experienced a slight "bubble" that is now bursting. See more here about 77027 market conditions and appreciation.