August 2022 Austin Housing Market continues to shift and according to ABoR, year-over-year home price growth was less than 6% for the first time since June 2020. The median home price increased by 5.5% annually to $496,039, setting a price record for the month of August while also indicating a normalization of home price appreciation that economists say is consistent with historical norms.
The 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. “Home prices are still appreciating, just at a more reasonable rate, that’s more in line with what we have seen historically. Homes are still selling close to list price, which is great news for buyers and healthy for our housing market.
“Austin, along with the other Texas metropolitan areas, may continue to feel the effects of the previously unsustainable housing market due to the lack of inventory. We are just now getting up to three months of housing inventory, which is still short of the 6 to 6.5 months of inventory needed to be considered a healthy market.”
“While we are watching market conditions normalize, local leaders can’t take their eyes off the ball—housing is still the most important issue facing our community today, and tomorrow.
In August, 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.
You can also compare 2021 Austin Housing Market here.
Source: Austin Board of Realtors
