Thriving music city that's now 'ground zero' for a property market crash

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Thriving music city that's now 'ground zero' for a property market crash

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Austin has become 'ground zero' for the downturn of the once-booming property market in Texas, a housing expert says. The value of houses in the city are down a 20 percent since their pandemic peak, Nick Gerli, CEO of real estate data platform Reventure App, said. Meanwhile, he says the number of homes for sale is on the up. When housing supply outweighs demand, prices tend to fall - so values may drop even more.
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