Austin Leads US in Home Sales with 20% Surge

Last year Austin was the worst market in America. This year it is leading the country. Per a fresh Zillow report, home sales in Austin were up 20% year over year, the biggest jump of any major metro. Inventory there is 52% higher than pre-pandemic, the most of any U.S. city. Homes are selling in 17 days. The cycle just flipped. The places that built the most during the boom got punished first and are now recovering first.

The pattern is bigger than Texas. Zillow says home sales rose 11.7% in San Antonio, 8.6% in Dallas, 8.8% in Nashville, 7.4% in Raleigh, and 14.4% in Milwaukee. Six of the top ten markets for sales growth have more inventory than they did before the pandemic.