Home values in certain cities in the state have decreased.
Home prices in Texas are falling, a signal of challenges facing the housing market after the pandemic-era boom.
Some markets in the state have seen prices decline the most out of any metro areas in the country. Austin’s market recorded a nearly 3 percent price drop for the week ending June 2 from the same time a year ago, followed by San Antonio’s fall of 1.2 percent, along with Fort Worth, which registered the same decline, according to data from Redfin.
At the national level, prices were up more than 4 percent, an all-time high during the four weeks ending June 2.
Austin was among parts of the country that experienced a significant influx of new residents, which helped push up competition for homes and contributed to a jump in prices. But the boom of the COVID years has slowed and the market is experiencing a downturn. The median price of a home in the area is down 2 percent in the first quarter to $436,000, according to Texas Realtors, from last year.
