Are home prices going up or down in Austin?

Home prices in Austin are currently going down compared to last year. The typical price for a home is "$475,000", which is about 9.5% lower than it was a year ago. Even though prices haven't changed much in the last month, the yearly drop shows a clear trend. This means homes are selling for less now than they were at this time last year. The average price per square foot also fell by 8.3% to "$240", further confirming this downward trend. Homes are also staying on the market longer. The typical home now takes 56 days to sell, which is over 20% longer than last year. This extra time might give buyers more room to negotiate. Fewer new homes are being listed, down 13.2% from last year. However, almost 27% of all homes for sale have had their prices cut. This is a sign that sellers are adjusting their expectations to meet what buyers are willing to pay. If you are looking to buy, the reduced prices and longer time on the market could mean a better opportunity for you to find a home at a lower cost.