Austin Loses Pandemic-Boomtown Halo With Out-of-Town Homebuyers
The Texas capital, where prices have skyrocketed, no longer looks a bargain to people seeking an exit from high-cost areas.
A residential neighborhood in Austin, Texas. The US pandemic housing boom, marked by record price gains and coast-to-coast bidding wars, is finally reaching its limit.
Photographer: Jordan Vonderhaar/BloombergThis article is for subscribers only.
Austin, Texas, the hottest US pandemic boomtown, is suddenly losing popularity with out-of-town home shoppers.
It’s a rapid shift, brought on by the spike in mortgage rates and a fear among buyers of overpaying in a slowing market.