Austin Housing Market Continues to Stabilize
In January, median home prices dropped 6.3% to $450,000, the largest price drop since July 2011, according to the Austin Board of REALTORS® latest Central Texas Housing Report. Despite the price decrease, monthly housing inventory stayed flat at 2.7 months of inventory from December 2022, demonstrating that this market is still in need of more housing as the industry standard is that six months of available inventory is considered a balanced market between buyers and sellers.
In January, residential home sales declined 27.3% year-over-year to 1,634 closed sales and sales dollar volume declined 29.1% to $917,954,115. New listings dropped 16% year-over-year to 2,988 listings while pending listings dropped 16.7% to 2,581 transactions. Monthly housing inventory increased 2.3 months to 2.7 months of inventory, and homes spent an average of 76 days on the market, up 47 days from January 2022, but only up three days from December 2022.
When looking at the added context of month-to-month changes from December 2022 to January 2023, in addition to a modest change in days on market, new listings increased 63.4% to 2,988 month-to-month. This demonstrates that sellers see opportunity in this market. At the same time, buyers also were more active in January 2023 compared to December 2022 as pending listings increased 32.4% to 2,581.
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**Stats provided by ABoR