Home prices are falling in four former hotspots – as near-record housing costs push homebuyers away.
Three of the metros where prices are falling are in Texas, according to new insights from real estate company Redfin.
The sudden drop in values comes after millions of Americans fled to the state during the Covid-19 pandemic – pushing prices through the roof.
In Austin, home price sales have declined 2.9 percent year over year.
The so-called pandemic ‘boomtown’ has seen an influx of people in recent years – in part due to a thriving tech industry in the city.
Home prices in San Antonio and Fort Worth have both fallen 1.2 percent, according to the data, while sale prices in Portland, Oregon, are down 0.9 percent.
Nationwide, price…
