July Austin Market Report
The Austin-Round Rock MSA housing market continued to trend towards more normal and sustainable levels in July, according to the Austin Board of REALTORS® . Median price grew by only 8% year over year to $515,000, a record for the month of July but the first-time home price growth has been in the single digits since June 2020. The region’s housing inventory reached 2.7 months — the highest level of inventory since November 2018.
“In every aspect of our market REALTORS® are seeing positive signs that Austin’s housing market continues to normalize,” Cord Shiflet, 2022 ABoR president, said. “On top of rising housing inventory, home price growth is much closer to the 4-5% annual growth that is typical for a healthy market. In addition, homes sold slightly below list price for the first time since December 2020, proving that buyers are gaining negotiating power in the market.”
Homes spent an average of 22 days on the market, 10 days more than July 2021.
“The Austin real estate market’s inventory and mortgage interest rates have returned to pre-pandemic levels in recent months. It’s not the intense sellers’ market it was a few months ago and sellers should reset their expectations. For the first time in a long time, buyers have more flexibility and leverage in the transaction.” – Ryan Leahy, regional president for Austin mortgage lending company HomeTown Texas and an ABoR Affiliate member
City of Austin
In July, home sales decreased 35.3% to 835 sales, while sales dollar volume decreased 28.7% to $637,525,270. At the same time, median price rose 11.1% setting a record for the month of July of $633,000 for the City of Austin. Last month, new listings slightly decreased 0.8% to 1,592 listings, active listings rose 127.8% to 2,410 listings as pending sales dropped by 32.4% to 799 pending sales. Monthly housing inventory increased 1.5 months year over year to 2.4 months of inventory.
To compare last years market to this years click here.
You can also check out Corpus Christi market statistics here.