Austin, Texas, once a booming housing market driven by an influx of well-paid tech workers, is now experiencing a significant downturn.  Home prices and apartment rents in Austin have fallen more than anywhere else in the U.S. due to overbuilding and a slowdown in job and population growth.  Despite the decline, Austin’s housing market remains overvalued, with home prices still 35% higher than the city’s economic trends would typically support.  The rental market has also softened, with rents down 7% over the past year.  This cooling trend reflects broader shifts in migration patterns that surged during the pandemic but are now fading.