Austin real estate news from Doreen for June is here. In May, median home prices dropped 15% to $467,500, year over year, according to the Austin Board of REALTORS® latest Central Texas Housing Report. The Austin Round Rock MSA housing inventory reached 3.4 months. The Central Texas market as a whole appears to have stabilized a bit for now. Mortgage rates are still a bit of a wild card right now. While it is still a sellers’ market, buyers are comparison shopping, sellers are negotiating and builders are still offering incentives.
Austin home sales comparing May to April 2023
✔ Overall, the median sales price was up about the same (from $466k)
🏡 Sold units were up (from 2,611)
🏘 New listings were up (from 4,115)
🌺 Active listings were up (from 8,285)
🌳 Pending sales were down (from 3,267)
📈 Months of inventory were up (from 3.2)
“Last month’s housing market activity demonstrates not only a stable market, but one where optimism for the months ahead continues to grow,” Ashley Jackson, 2023 ABoR president, said.
Dr. Clare Losey, the housing economist for ABoR, commented on the status of home purchasing power in the Austin market.
Median Single-Family Home Sold Prices for Austin, Georgetown, Round Rock, Leander, Elgin, Cedar Park, Buda, Kyle, and Dripping Springs
“Nationally, from May 2022 to May 2023, homebuyers’ purchasing power declined by an estimated 8% to 9% due to the rise in mortgage rates–May’s mortgage rates, averaging 6.4%, were among the highest they’ve been all year. However, in Austin, the moderation in home prices has helped to mitigate the decline in purchasing power. In fact, from May 2022 to May 2023, the monthly mortgage payment declined an estimated 3% to 4%.”
Losey also weighed in on buyer and seller expectations in the market.
“Last month, homes sold for 94% of their original list price. The continued uptick in that figure demonstrates that sellers are pricing their homes more accurately and buyers are more responsive to those prices than in the earlier part of 2023. Context matters, and May’s 2022 median home price, $550,000, was the highest median home price the Austin region has ever seen. Relative to pre-pandemic levels, last month’s median home price is up 44%.”
Austin real estate news statistics by county for May 2023
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 12 months.
Austin real estate news data for the current number of active listings up comparing May to April.
Austin Real Estate Inventory of New listings In Travis, Williamson, and Hays County was actually down a little from April.
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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.