flexiblefullpage
Currently Reading

This City Dodged the 2008 Housing Market Crash, but It’s Bottoming Out in a 2023 Correction

Advertisement
billboard
Housing Markets

This City Dodged the 2008 Housing Market Crash, but It’s Bottoming Out in a 2023 Correction

The Lone Star State bypassed a 2008 home price crash, but it's now caught in the middle of a 2023 market correction


June 6, 2023
Austin, TX skyline
Image: f11photo / Stock.adobe.com

In the early 2000s, Sun Belt markets that were initially expected to boom were among the first to crash ahead of the financial crisis, but one exception was Texas. While other metros bottomed out, Austin and Dallas saw home prices fall by just 8.5% and 10.5%, respectively, peak-to-trough compared with a staggering 63.9% drop in Las Vegas during the same housing cycle. 

Over a decade later, Austin is now the epicenter of a post-pandemic housing correction. Between July 2022 and April 2023, Austin home prices as measured by the Zillow Home Value Index dropped 10.02%, the most substantial decrease among the nation’s 400 largest housing markets, according to Fortune.

Where will Austin go from here? It's hard to say.

Moody's Analytics estimates that the Austin-Round Rock-Georgetown, Texas metro area will see a -17.9% peak-to-trough house price decline this cycle, including a -8.8% decline between Q2 2023 and Q2 2024. However, Zillow's forecast model is predicting Austin will rebound +2.2% between April 2023 and April 2024.

Read more

Advertisement
leaderboard2

Related Stories

Housing Markets

Florida Is Now the Second Most Valuable US Real Estate Market

Housing markets such as Florida are seeing substantial growth driven by an uptick in new construction

Housing Markets

Renting Still More Affordable Than Buying in Most US Metros

In all but three of the nation's 50 largest metro areas, renting remains more cost-effective than buying a home

Housing Markets

August Housing Markets Still Down, but Less So

While active inventory, new listings, and closed sales were all still historically low in August, the declines weren't as sharp as in previous months

Advertisement
boombox2

Top Articles

Advertisement
boombox1
Advertisement
native1
halfpage2

More in Category

COVID-19 may be easing its grip on the U.S. after a disastrous two years, but lingering supply chain disruptions have builders holding onto their pandemic business tactics

An archive of NHQA-winning companies that represent home building's best in Total Quality Management

Don’t let the current hype about single-family B2R communities obscure the need to create long-term sustainability and asset value

Advertisement
native2
Advertisement
halfpage1

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.


Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Subscribe
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.