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On a national scale, meanwhile, prices rose by 4.4% during the same period.
Falling home prices could be a good sign.
But they could also indicate that these locations are no longer a good place to buy.
Lower home prices mean increased affordability, said Brandi Simon, real estate expert withTX Home Buying Pros.
This can be particularly advantageous for first-time buyers or those looking to upgrade to a larger home.
This is especially likely if there are few buyers putting in offers on the same home as you.
This can result in significant savings for buyers.
Once the market stabilizes, home prices may start to appreciate again, Simon said.
If this occurs, those who buy in these metros now could see long-term gains in their property.
Youll want to choose somewhere with a stable market, after all.
The overall decline is only 2.9% in Austin, and even less in Fort Worth and San Antonio.
But the average home prices in these areas are still relatively high.
Just because home prices have gone down in these areas doesnt mean that theyre low.
Theres also the factor of interest rates to consider.
Rates on 15-year mortgages are a little lower but still above 6%.
Should You Buy Property in These Texas Metros?
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