AUSTIN-ROUND ROCK MSA BEGINS RETURN TO PRE-PANDEMIC HOUSING MARKET ACTIVITY
CENTRAL TEXAS HOUSING REPORT
AUSTIN, TX — 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.
“These numbers are a breath of fresh air for a housing market that has been holding its breath,” Cord Shiflet, 2022 ABoR president, said. “The trajectory of our market over the last two years was unsustainable and it was in no way going to last. The resurgence of activity after the COVID-19 pandemic, historically low interest rates and massive job growth created record-high housing demand in our market. We are now seeing a move more towards pre-pandemic sales activity and inventory.
“The Austin market is by no means balanced and it still favors sellers, but buyers have more bargaining power now than at any point since before the pandemic. Homes still closed at over 100% of the list price on average last month, but REALTORS® have started seeing lower list prices and therefore sale prices, over the last few weeks.”
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.
City of Austin – June 2022
This June, home sales dropped 22.9% year over year to 1,048 sales. At the same time, sales dollar volume decreased 16.1% to $800,231,967, while the median price rose 7.9% to $615,000–setting a record for the month of June. During the same period, new listings increased 15% to 1,922 listings; active listings skyrocketed 144.9% to 1,935 active listings; and pending sales tumbled 35.5% to 872 sales. Housing inventory increased 1.1 months of inventory to 1.8 months of inventory.
Travis County – June 2022
In June 2022, home sales decreased 24.7% year over year to 1,576 sales, while sales dollar volume dropped 16.1% to $1,240,583,715. During the same period, the median price increased 10.2% to $611,500. New listings increased 15.6% to 2,995 listings; active listings jumped 159.2% to 3,292 listings; while pending sales dropped 32.9% to 1,363 sales. Housing inventory rose 1.3 months to 2 months of inventory.
Williamson County – June 2022
This June, home sales decreased 21.8% year over year to 1,179 sales. During the same period, sales dollar volume dropped 8.6% to $677,528,395, and the median price climbed 14.6% to $510,000. New listings increased 17.8% to 2,070 listings, while active listings also skyrocketed 279.8% to 2,294 listings. Pending sales fell 37% to 959 pending sales. Housing inventory more than doubled to 2 months of inventory.
Hays County – June 2022
In June 2022, home sales decreased 4.1% year over year to 490 home sales, as sales dollar volume rose 12.2% to $285,813,956. During the same period, the median price climbed 18.1% to $452,727. New listings increased 20.8% to 731 listings; active listings soared 338.6% to 1,035 listings; and pending sales dropped 24% to 386 pending sales. Inventory increased 1.9 months to 2.5 months of inventory.
Bastrop County – June 2022
In June 2022, home sales increased 1.2% year over year to 163 home sales, and sales dollar volume rose 30.2% to $82,127,408. At the same time, the median price increased 29.7% to $420,250. New listings jumped 84.2% to 280 listings; active listings skyrocketed 325.3% to 387 active listings, while pending sales fell flat at 124 pending sales. Inventory jumped 2.3 months to 3 months of inventory.
Caldwell County – June 2022
In June 2022, home sales dropped 23.3% year over year to 33 home sales, and sales dollar volume fell 14.6% to $13,022,017. During the same period, the median price rose 7.1% to $331,950. New listings increased 90.9% to 84 listings; active listings soared 173.3% to 82 listings. Pending sales increased 52.8% to 55 pending sales. Housing inventory jumped 1.3 months to 2.2 months of inventory.