Texas is still behind in supplying the demand that there is for housing.
Redfin says home prices in Texas were down 0.41% year-over-year in September. The number of homes that sold fell 2.0% and the number of homes for sale rose 14.4%.
Some so-called housing experts are claiming the city of Austin is on it's way downward in home values after a recent large jump in demand. Austin was a market that certainly got ahead of itself. The influx of new residents over the past few years has resulted in a drive for more new homes to be built, although the demand is now falling behind the pace with supply.
According to Altos Research, the median list price for a home in Austin, TX is $699,000 with the market action index coming in at 33, being more towards a buyer's market. The median list price in Houston, TX is much cheaper at $359,999 with the market action index hovering around 31.
Real estate expert Cliff Freeman said Austin is a good example to folks of basic supply and demand.
"We're still far behind on supplying the demand for housing right now," Freeman said. "In many markets, there are two buyers for every seller."
Another factor was people's patience while looking at the market. A lot of people waited until after the election for some clarity on what to do in the housing market.
"There is so much demand across the country right now but now people have certainty and can make an educated guess on where things might be headed so they can make those decisions about potentially selling," said Freeman.
The value of Austin homes is down about 20% since since it's peak during the pandemic peak, but Freeman is optimistic the housing market will be great starting in 2025.
"I think we're heading for some good times in the real estate market next year," Freeman predicted.