Austin has seen a much larger drop in home prices than Dallas-Fort Worth over the past year, putting the two metro areas much closer together in price than...
Dallas-Fort Worth dominated Texas in home sales between July and September as prices slipped only slightly.
The median price of a home in Austin declined 7.9% over the past year to $456,000 in the third quarter, according to aThe price gap is closing between the two fast growing metros. A year ago, the two metros’ median sale prices were $86,500 apart, and two years ago they were $110,100 apart.as mortgage interest rates surged to their highest point in more than two decades. The average 30-year fixed mortgage rate touched 8% last week according to Bankrate data, a level not seen since the year 2000.
The state had 3.7 months of available inventory, up from 2.7 months in the same period last year. D-FW inventory rose from 2.3 to 2.9 months. Economists say a balanced market would have about six months of inventory.“We are continuing to see the housing market progress toward more balance between buyers and sellers,” Marcus Phipps, 2023 chairman of Texas Realtors, said in a statement.
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