Austin real estate news market data for June showed housing activity starting to ease off the throttle a bit and start pumping the brakes. According to the Austin Board of REALTORS® June and Mid-Year 2022 Central Texas Housing Market Report, a triple-digit gain in active listings year over year 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 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.
Austin Real Estate Housing Market Statistics for Austin – Round Rock MSA
Last month across the MSA, residential home sales declined 20.3% year over year to 3,441 closed sales as the median price rose 13%, setting a record of $537,475 for the month of June. Sales dollar volume dropped 9.9% to $2,301,865,479 while new listings jumped 19.6% to 6,160 listing.
The number of homes on the market skyrocketed 217.8% to 7,090 active listings, causing housing inventory to jump to 2.1 months of inventory, up 1.5 months from last June. While pending sales dropped 31.6% to 2,887 transactions, homes still went under contract quickly, spending an average of 18 days on the market or four more days than June 2021.
George Ratiu, senior economist and manager of economic research at Realtor.com, weighed in on the recent increase in inventory.
“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.”
Ratiu noted that other metropolitan markets in the U.S., particularly throughout the south and southeast regions, saw a similar trend with economic growth attracting buyers, not only from the local markets but importantly, buyers and new residents from outside their regions, much like Austin.
“People have internalized the narrative that the 2021 market was a normal market and many buyers may have lost hope. Frankly, the 2021 market was anything but normal and this transition signals that more hope for buyers is on the horizon.”
Austin Real Estate and all of Central Texas all counties that make up the Austin Central Texas Realty Information Service (ACTRIS) and Austin – Round Rock Metropolitan Statistical Area are now showing two months of inventory.
Months of inventory are calculated by taking the number of homes listed for sale and dividing it by the average amount of homes sold per month within a 12-month period.
Austin Round Rock MSA June median sold prices and year-over-year price increases as originally reported in the latest Austin Board of Realtors Central Texas Housing Report.
🔑City of Austin —$615,000, up 7.9% from a year earlier.
🔑Travis County — $611,500, up 10.2% from a year earlier.
🔑Williamson County — $510,000, up 14.6% from a year earlier.
🔑Hays County —$452,727, up 18.1% from a year earlier.
🔑Bastrop County — $420,250, up 29.7% from a year earlier.
🔑Caldwell County — $331,950 up 7.1% from a year earlier.
Median Single-Family House Sold Prices for Austin, West Lake Hills, Round Rock, Leander, Elgin, Cedar Park, Buda, Kyle, and Dripping Springs
These are June’s median sold prices for single-family fee-simple houses in Austin and the surrounding cities. I ran these numbers using MLS data from the Austin Board of Realtors. Data is for single-family houses (no condos).
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.
City of Austin Condo Market Snapshot
I ran this report focusing on the zip codes that had the most sold inventory. This report was run on 7/26/22 and was compiled from a total of 60 listings. This report includes all types of residential condos whether they are free-standing (detached), tower, townhome-style, or duplex. All condo regimes were included in this report. All things being equal, a condo dollar tends to go a little further than a fee-simple home. In some locations, condominiums can prove to be a cost-effective alternative.
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