Overview
- Austin, San Antonio, and Fort Worth see notable price drops, with Austin experiencing a 2.9% decline.
- Nationwide, home prices hit a record high despite a growing inventory of homes for sale.
- Higher mortgage rates continue to challenge buyers, with the average 30-year rate hovering around 7%.
- Sellers face difficulties as high prices and rates deter potential buyers, leading to longer listing times.
- Economists predict a gradual shift towards a more buyer-friendly market as inventory increases and rates stabilize.