Summary
A report from Redfin shows that Austin, Texas, now has the slowest major housing market in the U.S., with homes taking an average of 106 days to sell. The slowdown is due to rising mortgage rates and an increase in the number of homes for sale, forcing buyers to negotiate prices down.
Key Facts
- Austin is the slowest housing market among 50 major U.S. cities, with homes taking 106 days on average to sell.
- Nationwide, homes took 60 days to sell on average in December.
- San Antonio and Fort Lauderdale are tied for second slowest, with homes taking 99 days to sell.
- Mortgage rates increased in 2022, influencing the housing market slowdown.
- Texas and Florida have the most new homes being built, contributing to the current surplus.
- Austin homebuyers now have more bargaining power, often offering below the listed price.
- Austin's housing market has more sellers than buyers, causing prices to drop.
