Home values are down across Austin

Data: Zillow; Note: Typical home value refers to the average of the middle third of Zillow home value estimates for every home in a given region with a county record, including single-family, condominium and co-operative homes; Table: Axios Visuals

Nearly every ZIP code in the Austin area saw typical home values decline compared to a year ago, per Zillow data shared with Axios.

The big picture: Austin's housing market , once the country's hottest, is now "running in reverse," the Wall Street Journal reports.

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Zoom out: Austin (-4.1%) and San Antonio (-1.9%) are two of three major U.S. metro areas where typical home values are down year-over-year, Zillow found.

• Dallas-Fort Worth and Houston each posted increases that were under 2%.

State of play: More inventory , partly from new construction , is "a key reason home value appreciation in Texas has come back down to earth after skyrocketing during the pandemic," Zillow senior economist Nicole Bachaud tells Axios.

Reality check: Zillow's analysis includes some smaller and rural ZIP codes, where there tend to be fewer, and less expensive, houses.

• Only two ZIPs at the far edges of the greater Austin area saw typical home values rise year-over-year.
• "In a small ZIP code, a few houses selling for higher prices may make the entire ZIP look like prices are appreciating quickly," Zillow data scientist Anushna Prakash says.

Between the lines: Home value growth varies locally because of factors like job opportunities, development and population trends , which impact supply and demand.

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