Supply of homes increases in Austin, TX and the price falls

By Chris Wack of The WSJ. Excerpts:

"Austin’s median home sale price dropped 4.2% year over year in December—the third largest decline among the top 50 metros."

"Housing markets across Texas and Florida have also slowed in recent years due to a homebuilding boom."

By "slowed" they mean 

"The typical home that went under contract in Austin in December spent 106 days on the market, Redfin says. That’s up from 91 days a year earlier."

So supply increasing leading to a drop in price is not a surprise (if demand is constant, falls or rises less than supply rises)