Found 1 blog entry tagged as price corrections.

An aerial view of downtown Austin, Texas, on April 21, 2023. (Photo by Brandon Bell/Getty Images) (Brandon Bell via Getty Images)

Yahoo Finance writes, "The frenzied homebuying days in Austin, Texas, that saw some buyers offer six figures over asking price are gone.

The Texas capital, where the average home price soared by $170,000 during the COVID pandemic, is now seeing major price corrections: The median price per square foot is down 9.5% from its pandemic peak two years ago, according to Realtor.com. As of April, the median list price stood at $557,000.

Austin’s real estate boom was driven by a sudden influx of workers, who were newly remote and suddenly more mobile thanks to early COVID office closures. They encountered a waning supply of inventory, and home prices subsequently spiked, dealing a blow to the city’s affordability.

However, as mortgage rates increase,…

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