Community Impact Austin reports, "while homes in cities across the Austin-Round Rock metropolitan statistical area have been hit with high interest rates in recent months, data from the Austin Board of Realtors shows that the market is continuing to stabilize.
According to July ABoR data for the metro, closed listings increased 0.6% year over year to 2,815 sales. Homes spent an average of 59 days on the market—37 more days compared to last year—and the number of new listings on the market also fell, but active listings and overall home inventory increased. Additionally, median home prices across the metro is down 10% for an average of $462,000.
In Travis County, year over year:
- There were 5.5% more sales, 15.8% more active listings and 13.7% more pending sales.
- There were 26.7% fewer new home listings.
- The median home price was down 9.2% to $545,000.
In Williamson County, year over year:
- There were 5.6% more pending sales.
- There were 5.4% fewer sales, 2.1% fewer active listings and 28.1% fewer new home listings.
- The median home price was down 11.7% to $428,350.
In Hays County, year over year:
- There were 27.3% more pending sales and 31.1% more active home listings.
- There were 0.3% fewer sales and 10.7% fewer new home listings.
- The median home price was down 10.5% to $405,243.
What they’re saying
“July’s housing market activity underscores the resiliency within the MSA’s market,” 2023 ABoR President Ashley Jackson said in a news release. “We now have a direct year-over-year comparison of when our market began stabilizing, and the big fluctuations we’ve previously seen have started to even out.”
Also of note
Despite the steady market, housing affordability remains a constraint within the metro, ABoR Housing Economist Clare Losey said in a news release.
“In 2023, the median family income in the Austin-Round Rock MSA is $122,300. This means buyers generally can afford a home priced between $300,000 to $400,000; however, less than 40% of homes sold in the MSA in July of this year alone fall into this price range,” Losey said. “ABoR’s July housing market data stresses not only the strong, ongoing housing demand in our region, but also the critical need for more housing stock at all price points.”
Losey also added as year-over-year median sales prices continue to decline, the chance of Central Texas experiencing a recession also continues to decline.
“With a rise in pending sales and closed sales remaining consistent, this further indicates that buyers are becoming more accustomed to the higher interest rate environment and understand that elevated mortgage rates may continue,” Losey said. “Despite mortgage rates rising, Austin’s economy—which is fueled by a strong labor market—continues to outperform national expectations.”"
Source: Community Impact Austin
Written by: Brittany Anderson
Published: August 22, 2023