The unique housing price change comes as some experts expected that the booming housing market in 2022 would end this year.
High home prices compounded with higher mortgage rates last year and a consistent lack of supply led to aAerial image of a neighborhood in Cedar Park, a suburb of Austin, Texas. Austin was the only city to experience a decline in home prices between April and May compared to 99 of the largest housing markets in the U.S. that saw a house price increase, according to data tracked by Black Knight, a leading provider of financial/ mortgage software.
Last fall marked the peak of the housing correction, according to Fortune, when 92 of the country's 100 largest housing markets tracked by Black Knight saw a month-over-month price decrease in October. Austin is experiencing a correction phase due to strained fundamentals, specifically a wider-than-average gap between local house prices and local rentals, according to Fortune. Thorough remodeling levels and investor speculation also contributed to Austin being pushed to a correction mode, even though the city's home values remain over 40 percent since March 2020.after home prices dropped faster than any city in the country, including San Francisco.
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