The most recent data comes mere months after a report by Moody's Analytics found that some real estate within the Texas Triangle was overvalued by as much as 60%.
The Alamo City area's once-scorching housing market is continuing to cool.
According to a new report
by online broker Redfin, 44% of homes on the market in the San Antonio-New Braunfels metro underwent a cut in asking price in July. That's nearly double the percentage of homes with price cuts during July 2021.
Other big Texas metros experienced similar price reductions.
In Austin, 46% of listed homes tallied price cuts in July, and around 45% in Dallas and Fort Worth experienced reduced asking prices. Austin, Dallas, Fort Worth and San Antonio were all among the top 20 U.S. cities with the highest percentage of price reductions for the month, according to Redfin.
Redfin's report comes out three months after a Moody’s Analytic study
reported that real estate in the Texas triangle — which encompasses Dallas-Fort Worth, Houston, San Antonio and Austin — is overvalued by a minimum of 30%. Specifically, the San Antonio-New Braunfels metro was overvalued by 35.5%, while Austin-area homes were overvalued by 61%, according to the analysis.
Nationally, the markets Moody once reported as being among the most overvalued are among those experiencing the most significant percentage of price cuts, Fortune magazine reports
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