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Home prices in the former pandemic boomtown of Austin, Texas, dropped by -0.1 percent from May to June, according to the latest data from Zillow compiled by journalist Lance Lambert.
“In early June, I said the Austin metro is poised for some more home price declines in the second half of 2024,” Lambert, who writes for ResiClub, posted on X. “The tell-tale sign was the weak month-over-month print from April to May—historically one of the strongest reporting months of the year.”
In early June, I said the Austin metro is poised for some more home price declines in the second half of 2024.
The tell-tale sign was the weak month-over-month print from April to May—historically one of the strongest reporting months of the year.
The June print came in red 👇 pic.twitter.com/kVSCDqsvwb — Lance Lambert (@NewsLambert) July 23, 2024
After a drop of -0.6 percent between December 2023 and January, home prices had modestly been rising in the Texas capital. Between January and February, they increased by 0.3 percent; in both March and April they grew by 1.1 percent month-over-month. From April to May, they increased by only 0.2 percent.
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While the June home price decrease is a far cry from the steep drops of summer and winter of 2022, when prices plunged by as much as -3.0 percent, it’s a clear sign that Austin’s housing market is still navigating troubled waters.
Brandon Bell/Getty Images
When the pandemic hit, Austin had been the fastest growing large metropolitan area in the country in more than a decade, according to data from the U.S. Census Bureau. During the COVID-19 health emergency, the city saw a massive influx of people moving from other states into the Texas capital, attracted by more affordable prices, Austin’s great weather and its vibrant culture.
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These people—often remote workers leaving expensive cities like the ones in California’s Bay Area—brought up demand for homes in the city at a time of historically low supply, engaging in cutthroat bidding wars and sending prices to the roof. At its peak in May 2022, the median sale price of a home in Austin had reached $667,000, according to Redfin data, up 16.0 percent from a year earlier.
But after the end of the pandemic boom, many remote workers were forced to return home and leave Austin, while the massive migration of the past couple of years started to decline. As the U.S. housing market was experiencing a modest price correction between late summer 2022 and spring 2023, Austin was witnessing a much more dramatic collapse of its home prices.
“Because prices have been so high, there was a lot of room for prices to fall,” Daryl Fairweather, Redfin chief economist, previously told Newsweek. Between July 2022 and February 2023, home prices fell in Austin for eight consecutive months, by as much as -3.0 percent and as little as -0.9 percent.
After rising for three months between April 2023 and June 2023, home prices in the city started dropping again between July 2023 and January 2024, though the deepest drop was a much more modest -1.5 percent.
An increase in housing inventory is partly responsible for this further drop in prices. According to a recent analysis of Realtor.com active listings made by ResiClub, housing inventory for sale in Austin reached a new cycle high last month at 10,913 and it’s now 41 percent above pre-pandemic levels.
While the median sale price of homes in Austin remains much higher than the state’s average of $354,800, according to Redfin data, the cost of housing has dropped noticeably since the pandemic. In June, as per Redfin data, the median sale price of a home was $564,000, down -6.0 percent year-over-year.
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
(The Center Square) – As part of Texas’ celebration of the founding of the United States, a new monument was unveiled in Austin commemorating 69 patriots who fought for U.S. independence who later came to Texas.
Texas is also celebrating its first U.S. Navy fleet week in state history in the Houston area, where roughly 1,000 sailors and Marines are participating in nearly 200 events as part of the America 250 celebration. This also includes commemorating the Texas Navy, which helped win Texas’ independence from Mexico 190 years ago this April, The Center Square reported.
Gov. Greg Abbott and the leaders of the Texas Society Sons of the American Revolution unveiled a new monument honoring Texas revolutionary war patriots at the Texas State Cemetery in Austin.
Abbott, a direct descendent of a patriot who supported the cause of American independence, was also inducted into the Sons of the American Revolution and received the Silver Good Citizenship Medal.
“It is appropriate to remember that today, April 18th, 251 years ago, the Battles of Lexington and Concord occurred with the shot heard around the world,” Mel Oller, president of the Texas Society of the Sons of the American Revolution, said.
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On the evening of April 18, Paul Revere rode from Boston to Charlestown warning colonists that British troops were coming. Several hundred Minute Men and colonial militia fought British soldiers the next morning in Concord and Lexington, the first battles of the American Revolutionary War.
The commemoration in Austin was important “to reflect on the courage, sacrifice and enduring principles that gave birth to the United States of America,” Oller said. “This monument stands as a tribute to those patriots and reminder to future generations of the ideas that continue to shape our Republic.”
“Texans played a role in the war too, and it’s important to recognize them, and the sacrifices they made for our freedom,” he said.
“The history that is etched the United States into the annals of the greatest country in the history of the world,” Abbott said. As others try to rewrite American history or “try to condemn the glory of what America has been able to achieve,” Abbott said Texas was focusing on teaching children about U.S. and Texas history. “We must educate every generation about why it is that America grew from just a tenuous 13 colonies into the most powerful country in the history of the world.”
“There could hardly be a better time to dedicate this monument than during our 250th celebration of freedom, of independence,” he said. It’s “an enduring testament to the heroes who fought for that freedom that is unique to America.”
One of the greatest gifts Revolutionary War heroes gave Americans was freedom, Abbott said, “but freedom is not a one-time event. The fight didn’t end with the Treaty of Paris. It’s an everyday process, perpetually. Just as the patriots took to the hillsides to battle the Red Coats, modern day Patriots” continue to fight for freedom, including the failed policies of Marxism, he said. Many Texans’ ancestors “died for a country they would never get to see. Stories of these heroes must be told. Generations of Americans must be reminded of who they are and what they fought for.”
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There are 69 American Revolutionary War heroes listed alphabetically on the monument who later settled in Texas, including native Tejanos who fought for American independence, according to TSSAR.
Listed first is John Abston, who enlisted in the militia in Virginia when he was 18. He fought alongside and under men like John Crockett, father of Davy Crockett, in one of the most pivotal battles of the war: the Battle of Kings Mountain, in South Carolina. He later moved to Collin County, Texas.
Another is José Santiago Seguín, the grandfather of Texas Revolutionary hero Juan Seguín, the first and only Tejano to be elected to the Republic of Texas Senate. He also fought with Sam Houston in the Battle of San Jacinto.
Another is Peter Sides, who fought with a North Carolina regiment against the British. He later joined the Gutierrez-Magee expedition in 1812 and was killed in 1813 at the Battle of Medina in what is now Bexar County. The battle is “known as the bloodiest battle on Texas soil. The rebels’ bodies were desecrated and their body parts were removed and scattered,” the TSSAR explains.
Another is William Sparks, who joined a North Carolina militia when he was 17. He and his family later moved to Nacagdoches, Texas; his sons and grandsons fought for Texas independence.
Listed at the bottom of the monument is Ira Hobart Evans, a Congressional Medal of Honor recipient and the youngest Speaker of the Texas House who founded the Texas Society of the Sons of American Revolution.
AUSTIN (KXAN) — Texas’ highway system dropped two spots since 2025, and now ranks at No. 27 in the country for its cost-effectiveness and overall conditions, according to the Reason Foundation’s 2026 Highway Report.
The report assessed pavement conditions, fatalities, deficient bridges, infrastructure costs and congestion levels across the United States. Texas earned the following rankings:
“More than 42,000 of the nation’s 618,923 highway bridges, nearly 7%, are still structurally deficient. Arizona, Nevada, and Texas reported the lowest percentages of deficient bridges,” the report said.
The full report can be found online.
AUSTIN (KXAN) — Small hail peppered the Austin area as strong thunderstorms moved through Saturday.
A few of the storms dropped rain and up to pea-sized hail in San Marcos, Dripping Springs and the Austin metro area.
A Severe Thunderstorm Warning was issued for Williamson County around 8:15 p.m., and then canceled shortly after. However, it was enough for the Two Step Inn music festival in Georgetown to cancel shows for the rest of the evening. Event organizers say the festival will run as planned Sunday.
KXAN’s First Warning Weather team is monitoring the storms. We will update this post as the evening continues.
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