June 2022 Austin Market
According to the Austin Board of REALTORS, a triple-digit gain in active listings pushed housing inventory levels over two months in the Austin-Round Rock MSA for the first time since November 2019. Combined with a dip in residential home sales activity and a slowing pace of home price growth in June, the data indicates a decelerating Austin housing market that is beginning to return to pre-COVID normalcy.
“These numbers are a breath of fresh air for a housing market that has been holding its breath,” Cord Shiflet, 2022 ABoR president, said. “The trajectory of our market over the last two years was unsustainable and it was in no way going to last. The resurgence of activity after the COVID-19 pandemic, historically low-interest rates, and massive job growth created record-high housing demand in our market. We are now seeing a move more towards pre-pandemic sales activity and inventory.
“The Austin market is by no means balanced and it still favors sellers, but buyers have more bargaining power now than at any point since before the pandemic. REALTORS® have started seeing lower list prices and therefore sale prices, over the last few weeks.”
“When we look at the data across the Austin housing market, it reinforces what we see on a national scale—a combination of cooling demand from the tremendous surge in mortgage rates and rising prices with a noticeable increase in supply. The shift signals welcome news for more buyers who may be ready to embrace a post-pandemic reality and take advantage of more inventory. This increase in supply combined with cooling demand indicates the beginning of a more sustainable housing market.”
To compare last year’s market report click here.