AUSTIN, Texas — New data released by the Austin Board of Realtors (ABoR) indicates that the real estate market is calming down.
According to ABoR’s May market report, housing inventory in the Austin-Round Rock MSA is improving. Active listings skyrocketed 146% compared to last May. That’s a total of 4,173 listings.
The rise in listings has caused the housing inventory to more than double to 1.2 months of inventory, up from 0.7 months last May.
ABoR reported that last month residential home sales declined 6.7% year over year as the median price rose 19.6%, maintaining the all-time record of $550,000 set in April 2022. Sales dollar volume grew 9% while new listings also increased by 18.8%. Homes also spent an average of 15 days on the market, a day less than in May 2021.
In the City of Austin specifically, home sales decreased by 10% in May. The median price of a home rose 18.1% setting a record of $667,000 for the city. Monthly housing inventory increased 0.5 months year over year to one month of inventory, per the report.
In Travis County, home sales decreased 12.3% while the median home price rose by 21.1% year over year to $659,000. Housing inventory in the county also increased from last year.
Adam Perdue, a research economist at the Real Estate Center at Texas A&M University, said that with more listings and inventory the market is starting to normalize.
“The Austin region saw dangerously low levels of inventory, as low as 0.4 months of inventory in January 2021, so this slight increase in inventory and active listings point to the market beginning to normalize,” he said. “While year-over-year price increases will continue to remain high, we project them to fall slightly lower than the long-term trend we’ve monitored over the past two years.”
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