Home prices across the United States are being reduced at an accelerated rate as inventory levels increase. The housing market in Austin, Texas, is experiencing a significant downturn, with inventory spiking to the highest level on record, more than 25% higher than the previous pre-pandemic high. Housing values in Austin have already declined nearly 20% and could see an additional 15% drop. Analysts had previously identified Austin as a market vulnerable to correction back in spring 2022. The remarkable increase in listings continues to contribute to the downturn.
"The downturn in Austin, TXs housing market is remarkable. Inventory has now spiked to the highest level on record. More than 25% higher than the previous, pre-pandemic high. And the listings just keep coming. Values down nearly 20% already and could have another 15% decline…
Housing Downturn in Austin, Texas Is "Remarkable" As Inventory Spikes To Record High https://t.co/DUhJeRdij9
"Austin is remarkable because only 2 years ago, most housing analysts believed this market wouldn't crash." Not exactly. Back in spring 2022, a number of housing analysts had Austin as the market most vulnerable for a correction. https://t.co/SwVV9uy4ht
The downturn in Austin, TXs housing market is remarkable. Inventory has now spiked to the highest level on record. More than 25% higher than the previous, pre-pandemic high. And the listings just keep coming. Values down nearly 20% already and could have another 15% decline… https://t.co/Jb8UOSZG0A
Home prices around the US are being cut at a faster pace as inventory piles up https://t.co/Nvs1XoIwTs