Home values are down across Austin
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Nearly every ZIP code in the Austin area saw typical home values decline compared to a year ago, per Zillow data shared with Axios.
The big picture: Austin's housing market, once the country's hottest, is now "running in reverse," the Wall Street Journal reports.
Zoom out: Austin (-4.1%) and San Antonio (-1.9%) are two of three major U.S. metro areas where typical home values are down year-over-year, Zillow found.
- Dallas-Fort Worth and Houston each posted increases that were under 2%.
State of play: More inventory, partly from new construction, is "a key reason home value appreciation in Texas has come back down to earth after skyrocketing during the pandemic," Zillow senior economist Nicole Bachaud tells Axios.
Reality check: Zillow's analysis includes some smaller and rural ZIP codes, where there tend to be fewer, and less expensive, houses.
- Only two ZIPs at the far edges of the greater Austin area saw typical home values rise year-over-year.
- "In a small ZIP code, a few houses selling for higher prices may make the entire ZIP look like prices are appreciating quickly," Zillow data scientist Anushna Prakash says.
Between the lines: Home value growth varies locally because of factors like job opportunities, development and population trends, which impact supply and demand.