Austin-Round Rock MSA Housing Market Inventory Hits Highest Level in Over Eight Years

 

Slowing sales indicate affordability constraints for buyers

 

AUSTIN,TX – In the Austin-Round Rock MSA, housing inventory reached 4.0 months of inventory the highest level in more than eight years, according to the Austin Board of REALTORSⓇ. The market also experienced a drop in closed sales, which decreased by 18.2% year over year to 2,387 sales, and the median close price dipped 4.3% year over year to $452,080, both symptomatic of higher mortgage rates and highlighting the need for sellers to connect with and rely on REALTORSⓇ.

In September, sales dollar volume fell 19.8% year over year while homes spent an average of 65 days on the market, up 24 days from September 2022.

As the inventory of homes for sale continues to increase, Clare Losey, Ph.D., housing economist for ABoR, noted that there is still a limited supply of affordable housing options available for Austin residents.

Losey noted that the current market activity, namely the decline in closed sales, could point to a number of factors, including the lack of affordable housing options available, a higher rate environment and a potential disconnect between sellers and the market, which she mentioned can be mitigated by working with a trusted REALTOR®.

“Sellers who cling to the housing market of the past few years are doing themselves a disservice, as the housing market and mortgage rates are ever evolving. REALTORS® know how to expertly navigate these dynamic factors and price homes for the current state of the market.”

Jackson also added that REALTORS® offer more assistance than just negotiating and executing a contract.

You can read all the details about the current market stats here. You can also visit www.abor.com for more information.

To see a comparison to the Market Stats from August 2022, click here.