Austin among cities with steepest 12-month decline in home values

As mortgage rates continue to rise, home values are declining across the nation, especially in boomtowns such as Austin. Texas' capital city — and San Antonio's frequent just-up-the-highway rival — logged one of the nation's most drastic drops in home value over the past year, according to a report published last week. On average, Austin homeowners experienced a 15.3% decline in the value of their homes between April 2022 and April of this year, equating to an average $85,000 loss, the report by online real-estate market RedFin shows.