The national experiment with remote work during the pandemic spawned boomtowns and new hopes for the spread of tech jobs into the nation’s heartland. Fueled by migration to the state from other parts of the country, Austin, Texas, for example, soared in popularity in 2021 and early 2022. An influx of out-of-town remote workers moved in from expensive coastal areas, taking advantage of historically low mortgage rates. But now, measures of home buying competition and demand in Austin are dropping off fast.
A Redfin analysis found that Austin cooled the fastest over the last year. The city’s total supply of for-sale homes rose 140% year over year in February, the second-biggest increase in the U.S. Only North Port, Florida had a bigger increase. Pending sales dropped 40%, and just 16% of homes went under contract within two weeks of hitting the market in February, down from 38% a year earlier.
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