Austin housing market’s continued stabilization
Normal price growth and increasing inventory contribute to Austin-Round Rock MSA housing market’s continued stabilization. Housing inventory reaches highest level since September 2018.
The Austin housing market continued its normalizing trend for the third consecutive month, boosted by a more sustainable rate of price growth and more available supply.
In Austin City, this August month, home sales decreased 30.4% to 858 sales, while sales dollar volume decreased 22.6% to $616,474,222. At the same time, median price rose 3.6% setting a record for the month of August of $555,000 for the City of Austin. Last month, new listings slightly dropped 12.7% to 1,171 listings, active listings skyrocketed 125.9% to 2,356 listings as pending sales declined by 26.9% to 847 pending sales. Monthly housing inventory increased 1.5 months year over year to 2.4 months of inventory.
“I want to be very clear—market shift does not mean that we are in a downturn, and it doesn’t mean that Central Texas home values have been overvalued,” Cord Shiflet, 2022 ABoR president, said.