Austin real estate news for September 2023 is here. The Central Texas housing market shows that overall, the Austin Round Rock MSA is finding its footing. The number of closed sales and pending sales is continuing to increase year-over-year. August median sales prices while down compared to last year, were fairly consistent with July. Interest rates are still volatile, which continues to temper home prices.
According to the Austin Board of REALTORS® August 2023 Central Texas Housing Market Report, the Austin-Round Rock MSA, experienced an 8.8% month-over-month increase in closed sales, a healthy indication of buyer confidence in the market. Housing inventory also continues to show gradual progress with a year-over-year increase of 1.0 month to 3.8 months of inventory. The Austin housing market continues to show signs of resilience.
Austin home prices and sales for the Austin-Round Rock MSA comparing August to July 2023
✔ Overall, the median sales price was down (from $462k)
Sold units were up (from 2,815)
New listings were up (from 3,884)
Active listings were up (from 9,663)
Pending sales were down (from 2,892)
Months of inventory were up (from 3.7)
“Austin’s current housing market allows for potential home buyers to be picky,” Ashley Jackson, 2023 ABoR president, said. “With housing inventory increasing across Central Texas, buyers—especially first-time home buyers—can take their time searching for a home that checks all their boxes. When compared to the past two years of highly competitive market activity, this is both a welcome reprieve and a perfect opportunity for buyers looking to enter the market. Now is the time to take advantage of the increase in leverage that buyers now have.”
Central Texas Housing Market Median Single-Family Home Sold Prices for Austin, Georgetown, Round Rock, Leander, Pflugerville, Cedar Park, Buda, Kyle, Hutto, Dripping Springs and beyond
While housing inventory continues to show signs of improvement, Clare Losey, Ph.D., housing economist for ABoR, pointed out that despite this uptick in inventory, there is a limited supply.
“In August, amidst an elevated interest rate environment, the rise in sales—both year-over-year and month-over-month—indicates that buyers are purchasing homes because it is a good investment. However, there is still an inadequate supply of homes in the region, especially affordable housing options. ABoR’s Central Texas Housing Development Fees Analysis, released in July 2022, shows that Austin’s drastically high development fees pose a significant barrier to new home construction and thereby diminish the growth of our housing supply, especially when compared to other development fees in other Central Texas cities and major metropolitan Texas areas. Higher mortgage rates have led potential sellers to wait longer before entering the market, further constraining the supply of homes for sale.”
Austin real estate news statistics by county for August 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.
for single-family houses broken down by Austin zip codes, brought to us by Heritage Title.
Note that the 78701 (Downtown) and 78705 (UT) areas include condos because they are the predominant dwelling type in those zip codes.
City of Austin Real Estate Market historical view
The City of Austin’s 10-year home sale history shows the sold price to original list price ratio at 96% (blue), while median days to sell are at 25 (gold). The current space between the colors on the graph is where the opportunity lies for buyers.
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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.