AUSTIN-ROUND ROCK MSA HOUSING MARKET CONTINUES TO NORMALIZE AS PRICE GROWTH SLOWS, INVENTORY RISES
CENTRAL TEXAS HOUSING REPORT
AUSTIN, TX — The Austin-Round Rock MSA housing market continued to trend towards more normal and sustainable levels in July, according to the Austin Board of REALTORS® July 2022 Central Texas Housing Market Report. Median price grew by only 8% year over year to $515,000, a record for the month of July but the first-time home price growth has been in the single digits since June 2020. The region’s housing inventory reached 2.7 months — the highest level of inventory since November 2018.
“In every aspect of our market REALTORS® are seeing positive signs that Austin’s housing market continues to normalize,” Cord Shiflet, 2022 ABoR president, said. “On top of rising housing inventory, home price growth is much closer to the 4-5% annual growth that is typical for a healthy market. In addition, homes sold slightly below list price for the first time since December 2020, proving that buyers are gaining negotiating power in the market.”
In July, residential home sales declined 28.3% year over year to 2,849 closed sales, sales dollar volume declined 21.9.% to $1,837,933,383, and new listings remained consistent with a 0.2% decline to 5,142 listings. The average close to list price for residential homes was 98.8% in July 2022, a significant change from the average 104.1% close to list price for the first half of the year.
Homes spent an average of 22 days on the market, 10 days more than July 2021 and active listings skyrocketed 167.9% to 8,709 listings. At the same time, pending sales declined 25.9% to 2,774 pending sales.
City of Austin – July 2022
In July, home sales decreased 35.3% to 835 sales, while sales dollar volume decreased 28.7% to $637,525,270. At the same time, median price rose 11.1% setting a record for the month of July of $633,000 for the City of Austin. Last month, new listings slightly decreased 0.8% to 1,592 listings, active listings rose 127.8% to 2,410 listings as pending sales dropped by 32.4% to 799 pending sales. Monthly housing inventory increased 1.5 months year over year to 2.4 months of inventory.
Travis County – July 2022
In Travis County, home sales decreased 33.3% to 1,282 sales, while sales dollar volume decreased 25.9% to $1,000,015,035. Last month, median price in Travis County rose 10.9% year over year to $610,000 as new listings decreased 1.0% to 2,531 listings and active listings increased 137.1% to 4,095 listings year over year. Pending sales declined 33.5% to 1,247 as monthly housing inventory increased 1.6 months year over year to 2.6 months of inventory.
Williamson County – July 2022
July home sales decreased 32.4% to 961 sales in Williamson County. Sales dollar volume declined 25.7% year over year to $520,878,028. The median price increased 10.2% to $485,000 as new listings ticked up 0.2% to 1,743 listings. During the same period, active listings soared 187.4% to 2,868 listings while pending sales dropped 22.5% to 956 pending sales. Housing inventory rose 1.8 months to 2.6 months of inventory.
Hays County – July 2022
In Hays County, July home sales decreased 6.6% to 427 sales, while sales dollar volume slightly declined 0.2% to $237,147,876. The median price for homes increased 15.4% to $450,000. During the same period, new listings declined 3.9% to 599 listings, while active listings skyrocketed by 224.3% to 1,213 listings. Pending sales decreased 9.1% to 412 pending sales as housing inventory jumped by 2.1 months to 3.0 months of inventory.
Bastrop County – July 2022
Last month, Bastrop County home sales decreased 15.1% year over year to 124 sales, while sales dollar volume fell by 0.9% to $54,854,358. Median price increased 17.5% to $415,000 as new listings rose 21.9% to 217 listings. Active listings soared 302.8% to 439 listings as pending sales decreased 17.6% to 117 pending sales. Housing inventory increased 2.6 months to 3.4 months of inventory, the highest level of inventory across the MSA in July.
Caldwell County – July 2022
In Caldwell County in July, home sales increased 103.7% to 55 home sales, and sales dollar volume rose 170.8% to $22,493,577. The median home price rose 45.1% year over year to $379,536. At the same time, new listings decreased by 3.7% to 52 listings as active listings increased 118.6% to 94 listings. Pending sales rose 10.5% to 42 pending sales, and housing inventory increased 1.0 months to 2.4 months of inventory.