AUSTIN, Texas — If you're looking to purchase a home in a large U.S. city, Austin's prices might be getting slightly more affordable.
According to the Redfin Home Price Index (RHPI), the Texas capital's home prices lowered by approximately 1.6% in June on a month-to-month basis and 2.39% annually.
Austin's home-prices drop is second-lowest in the US, only Nassau County, New York was lower, dipping by 3.1%, according to the RHPI.
Following Austin, West Palm Beach, Florida, and Philadelphia were tied at a 1.1% decrease.
"This could be particularly good news for prospective homebuyers in Austin," a Redfin spokesperson said.
In comparison, home prices on a national level have reached new highs, increasing by .2% last month alone. Compared to last June, homes are approximately 6.9% more expensive nationally, which is the lowest yearly increase since the start of this year.
Costs will likely continue to increase as a result of lowered mortgage rates paired with smaller inventory levels.
Still, month-to-month growth rates aren't rising as quickly as usual, the index shows.
In order to make these calculations, the RHPI looked at price adjustments on single-family homes in 50 of the most populated U.S. metro areas.
Of these, 19 (38%) cities saw month-over-month price dips in June.
Outside of Austin, three other Texas cities were featured on the list. Houston recorded a .30% drop; Dallas saw .08% monthly decrease; while Forth Worth lowered by .02%.
