Austin, Texas – Source: Austin Board of REALTORS®
For the first time since February 2019, median home prices in the Austin-Round Rock MSA experienced a 0% year-over-year increase, according to the Austin Board of REALTORS® November 2022 Central Texas Housing Market Report. As housing inventory and days on the market continue to increase across the MSA steadily, the report indicates normal market activity could be here to stay as Austin’s housing market maintains its trajectory toward balance and sustainability. For the first time since the spring of 2020, no records were broken for home sales or median price in either the MSA or the City of Austin.
Last month, home sales declined by 36.6% to 2,026 closed listings— the largest drop in closings by percentage since May 2020 during the initial COVID-19 economic hesitancy when closings fell 29.2%. Sales dollar volume fell by 36.8% to $1,175,435,108 as new listings declined 17.8% to 2,406 listings across the MSA. Pending listings dropped by 38.3% to 1,987 listings and available inventory increased by 2.3 months to 3.1 months of inventory. Homes spent an average of 58 days on market, up 36 days from November 2021.
While housing inventory almost quadrupled to 3.1 months of inventory year over year for the Austin-Round Rock MSA and City of Austin, there is still a long way to go before a balanced market with six months of inventory is available.