Almost a quarter of commercial office space is vacant, and nowhere in the country have residential real estate prices fallen further from their pandemic peak.
Austin has been going so strong for so long that the tide was bound to turn. After a 12-year streak as the fastest growing large metro area in the US, Austin lost that slot in 2023.
Home prices have dropped 18% from the pandemic highs seen in May 2022, the most among the 50 largest US metro areas. Even so, the city ranks as one of the least affordable housing markets.
There are heated debates over where to find the best custom-made cowboy boots. But until recently, there really wasn't much controversy over which was doing better economically.
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