Austin Business Journal reports, 'the median sales price of a home in the Austin-Round Rock metro was essentially unchanged in November from a year prior, the first time that's happened since February 2019, according to the Austin Board of Realtors.
The median price actually decreased, but just barely at 0.4%, to $467,955 — compared with $470,000 in November 2021, ABOR said Dec. 15. It's the latest sign of a cooling trend in the region's housing market, which is also seeing increased inventory and time spent on the market.
Ashley Jackson, an agent with Realty Austin and 2023 president-elect of ABOR, last month told Austin Business Journal there's hope the moderate adjustments are signs of a return to a more normal, seasonal market — as opposed to the dramatics seen in 2021 and part of 2022, when Austin became one of the top pandemic relocation destinations.
The median home sales price in the metro peaked at a record $550,000 in April and May, according to ABOR data. But it’s steadily fallen since, with the lone year-over-year increase coming in the form of a $5,000 bump in October. Winter is typically a slower realty season, so agents think this is a sign that the usual rhythms of the housing market are taking hold once more.
Last month marked the first time since spring 2020, when the Covid pandemic was just beginning to take hold in Central Texas, that no records for home sales or median price were broken in the city of Austin or the wider metro, ABOR reported.
The average number of days on market for a home in the metro in November was 58, up 11 days from October and up 36 days from November 2021.
Housing inventory was 3.1 months in November, an increase of 2.3 months year over year. While that number shows that homes are no longer flying off the shelves the moment they hit the market, it’s still a far cry from the six months of inventory that most experts consider to be a balanced market.
"It's a relief to see more homes available and sitting on the market long enough to give buyers an opportunity to think before they leap," stated Realtor Cord Shiflet, 2022 ABOR president. "This healthy competition creates an opportunity for homebuyers, who may have struggled within the past two years, to take their time and find a home they love."
With homes sitting for longer on the market and inventory ticking upward, the number of closed sales has obviously fallen. Last month saw 2,026 closed sales in the five-county metro, a 36% year-over-year decrease. Total sales dollar volume also saw a 36% year-over-year slump, to $1.17 billion."
Source: Austin Business Journal
Written by: Cody Baird
Published: December 16, 2022
Posted by Grossman & Jones Group on
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