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Jon deMontreville
Jon deMontreville
(512) 659-5663jon.d@teamprice.com
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  • Jon deMontreville(512) 659-5663
    jon.d@teamprice.com
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  • Team Price Real Estate
    7320 N Mo-Pac
    Austin, TX 78731
    (512) 213-0213
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Central Texas Multiple Listing Service

Central Texas MLS | Four Rivers Association of REALTORS® All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of the Multiple Listing Service. Real estate listings held by brokerage firms other than Jon deMontreville may be marked with the Internet Data Exchange logo and detailed information about those properties will include the name of the listing broker(s) when required by the MLS. Copyright ©2022 All rights reserved.

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Understanding the Freddie Mac House Price Index (FMHPI®)

The Freddie Mac House Price Index (FMHPI®) provides a month-by-month measure of U.S. home price trends by tracking repeat sales of the same properties, making it a more reliable indicator of true price movement than median or average prices. Updated through February 2026, the index shows that national home prices remain roughly 50% above January 2020 levels, highlighting how much of the pandemic-era appreciation is still embedded in the broader U.S. housing market.

Austin stands in clear contrast. Home prices in the Austin metro are now down 19.4% from their May 2022 peak, representing the deepest correction among all major U.S. markets tracked in the index. Prices are also down 6.7% year over year and fell 4.8% month over month in February 2026, confirming that price normalization is still actively working through the local market.

The latest Freddie Mac House Price Index (February 2026, released March 31, 2026) confirms that Austin remains the most pronounced post-pandemic housing correction among major U.S. metro areas. Home prices in the Austin metro are now 19.4% below their May 2022 peak, marking the deepest peak-to-trough decline tracked across all 40 major metros in the index. The national average decline from peak is just 2.7% — meaning Austin's correction is more than seven times the typical major metro.

Scroll down to view the full Freddie Mac House Price Index report for the latest release.

On a year-over-year basis, Austin home prices are down 6.7%, while the average across major metros is a gain of 3.3%. Monthly readings continue to show softening, with a 4.8% month-over-month decline in February 2026 — the largest single-month drop of any metro in the report. Rather than a sharp rebound, Austin's price trend reflects a steady normalization following one of the fastest appreciation cycles in the country from 2020 through early 2022.

Even with the ongoing correction, Austin home values remain materially above pre-pandemic levels. Since February 2020, cumulative price appreciation in the Austin metro still stands at 32.4%, confirming that a meaningful portion of the pandemic-era gains remains embedded in the market. However, Austin now trails virtually every peer metro — markets such as Miami (+73.8%), Charlotte (+67.2%), and Providence (+66.2%) have held far more of their pandemic-era appreciation.

At the national level, home prices remain well above early 2020 benchmarks, underscoring the divergence between Austin and the broader U.S. housing market. While many regions appear to be settling into a more stable pricing environment, Austin continues to adjust as excess appreciation from the pandemic surge is gradually absorbed. The Freddie Mac House Price Index reinforces that this normalization process is still underway — with 80 of 384 cities hitting new all-time price peaks in February 2026, Austin sits at the opposite end of the spectrum as one of the clearest examples of a market working through a full post-cycle reset.

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