Austin-area home prices have actually fallen, according to this surprising report
A buyer's market?
Is the Austin market cooling down? A new report from Trulia ranks the Capital City among 10 U.S. markets where list prices have stalled — or even fallen — over the past year.
The real estate site used information from "Trulia Data Central" to identify "cool markets and give some context around the sluggish price performance," according to a release. In total, four Texas metros appear on the list: two with price decreases — San Antonio and Austin — and two with prices that stalled — Houston and Dallas.
The Austin-Round Rock metro area ranks second on the list, with a median home price decrease of 3.4 percent over the past year. Currently, says Trulia, the median listing price is $336,995, down from $348,990 in March 2017.
But, before we dare call it a cold market, Trulia's managing editor David Weidner offers a little insight into the stalled pricing and reminds that home values are still on the rise.
"First, Texas home values continue to rise. That means if you have a home in Texas, its value is appreciating," he tells CultureMap. "Second, Texas metros are building at some of the fastest rates in the country. The new housing is priced roughly at levels of a year ago, suggesting that new supply is keeping up with demand."
According to Trulia, the median home value in the Austin metro area right now is $293,945, up 5.21 percent over March 2017. Weidner adds, "In Austin, there may be a surge in smaller homes. And that seems to be the case, the price-per-square-foot has increased 1.4 percent from a year ago, to $154 from $151.89."
There's a similar scenario in San Antonio, which takes the No. 1 spot on the list. The current median listing price of $269,499 is down more than 5 percent year-over-year, but metro-area home values are up almost 7 percent year-over-year.
Houston (No. 7) and Dallas (No. 8) appear farther down the list, with relatively flat home prices but increasing home values.
In the Houston metro area, the median listing price of $299,520 has increased only $1,216, but home values are up 5.42 percent to $196,155. The median listing price in Dallas is now $356,999, up $1,671 from last year. Home values there are appreciating like crazy, up 15.14 percent to $247,130.