Austin's housing market is in 'acute distress' as newly built homes continue flooding the market at the same time as sales plummet in the Texas capital, according to a new study by Parcl Labs.The former pandemic boomtown has been building more homes than most of the country in the past five years, as demand and prices skyrocketed during the health emergency when so many out-of-state Americans wanted to move to the city.According to Parcl Labs, which analyzed 300 U.S.
average for new builds is about 10 percent of listings.Prices for new builds have also dropped in the city. Parcl Labs experts believe that Austin is facing 'a reality check' as the market is seeing an average price cut of 7.23 percent on new builds, 'with some properties slashed by up to 31.33 percent, indicating very motivated sellers.'According to Parcl Labs, Southeast Austin, in particular, has emerged as a hotspot for price reductions.
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