Austin real estate news August 2023 is here. The Central Texas housing market shows that overall, the Austin Round Rock MSA is showing signs of recovery. The number of closed sales and pending sales are increasing year-over-year, and the median sales price is stabilizing. However, interest rates are still volatile, which could put some downward pressure on prices in the coming months.
According to the Austin Board of REALTORS® July 2023 Central Texas Housing Market Report, closed listings increased 0.6% year-over-year to 2,815 closed sales across the AustinRound Rock MSA. When considering July 2022 is when the market initially began to stabilize, and when combined with pending sales rising 14.5% to 2,892 pending sales, the housing market is poised for a strong finish to 2023.
Austin home prices and sales for the Austin-Round Rock MSA comparing July to June 2023
✔ Overall, the median sales price was down (from $483k)
Sold units were down (from 3,147)
New listings were up (from 4,638)
Active listings were up (from 9,631)
Pending sales were down (from 3,110)
Months of inventory were the same (from 3.7)
“July’s housing market activity underscores the resiliency within the MSA’s market,” Ashley Jackson, 2023 ABoR president, said. “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. Potential buyers who have been on the fence about purchasing a home should know interest rates are settling, and now is the time to act. Working with an experienced REALTOR® is the best thing you can do because they can help you make quick and confident decisions.”
Central Texas Housing Market Median Single-Family Home Sold Prices for Austin, Georgetown, Round Rock, Leander, Pflugerville, Cedar Park, Buda, Kyle, Hutto, Manor and beyond
Clare Losey, Ph.D., housing economist for ABoR, weighed in on the recent rise in sales and provided an update on what is expected for the latter half of the year.
“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. We are seeing a year-over-year decline in median sales prices, as buyers cannot afford the same price points with these higher rates. Looking ahead, the odds of Central Texas experiencing a recession continue to decline with each passing month.
Despite mortgage rates rising, Austin’s economy–which is fueled by a strong labor market–continues to outperform national expectations.”
Austin real estate news statistics by county for July 2023
Months of inventory are calculated by dividing the number of homes listed for sale by the average number of homes sold per month within 12 months.
Central Texas Housing Inventory 5-Year Snapshot
Austin – Round Rock MSA inventory for Hays, Travis, and Williamson County combined. Sales units may be sluggish but 2023 is giving buyers more choices than they’ve had in years.
This data was compiled by Texas National Title using market data provided by the Texas REALTOR® Data Relevance Project, a partnership amount Texas REALTORs® and their MLSs, the Real Estate Center at Texas A&M, and Texas Realtors.
Austin Real Estate Market historical view: City of Austin Median Sold Prices for all home types
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Austin real estate market data compiled by ACTRIS© Matrix data through ABoR. Information deemed reliable but not guaranteed and should be verified. Content is “AS IS,” without any warranty, express or implied. Results were calculated from the number of listings in the MLS at the date of the report. Off-market data not included.