Austin Texas Housing Market Crash: Missed 2008 Housing Market Home Price Crash

There is always a debate that if Austin City is the epicenter of the Pandemic Housing Correction or the Pandemic Housing Boom. Lets’s discuss how Austin suddenly became the epicenter of the Pandemic Housing Correction. In early 20002, house prices began to boom. Meanwhile, the housing speculators doubled down the prices in markets like Miami, Las Vegas, and Phoenix. These were the fast-growing Sun Belt markets. The housing speculators assumed that the Sun Belt markets would give the best return at the lowest risk rate. However, they were right until the pandemic hit the city and became the epicenter of the Pandemic. The boom turned out to be one of the biggest housing bubbles which led to a burst and spur the financial crisis. Scroll down the page and read more details.

Austin Texas Housing Market Crash

The Sun Belt housing crash relatively spoke about the expectation, “The Lone Star State. Peak-to-trough, home prices in markets like Dallas and Austin only fell 10.5% and 8.5%, respectively, while house prices tracked by the Zillow Home Value Index (ZHVI) fell 52.2% in Miami, 56.4% in Phoenix, and 63.9% in Las Vegas, between their peaks around 2007 and bottoms around 2012.” You are asked to shift to the next section and read more details.

Home Price Decline In Texas Zips Since Pandemic Peak

Lenders throughout the United States during the 2000s were giving offers to take on mortgages without paying the down payment, Texas stuck with its conservative leading practices. Now the time has changed, and one market in Texas, Austin, is arguably the epicenter of both the Pandemic Housing Correction and the Pandemic Housing Boom. Indeed, the Zillow Home Value Index measured the Austin home prices as having fallen 10.02% that’s ten times larger than the national decline (1%) registered by ZHVI from July 2022 to April 2023. That’s the biggest decline, so far, among the nation’s 400 largest housing markets, just beating out Bend, Ore. (-9.5%), San Francisco (-10%), and Boise (-9.3%). Scroll down the page and read more details.

Monthly Shift In Austin, TX Home Prices

The question arises why Austin is getting hit so hard on the other hand much of the nation sees little to no correction. The most probable answer is ha Austin hot bubbly. A housing bubble needs three elements, steep home price overvaluation, speculation, and price must fall in order to be called a bubble. However, the third one can only be known after the fact. It has been asserted that Austin home prices have called double-digits in the past 9 months. Stay tuned to this website for more details and updates.

Monthly Shift In U.S. Home Prices