Housing Inventory is highest it's been since September 2018

The market is shifting but this doesn't mean it's a downturn. Central Texas inventory skyrocketed 170% and inventory reached 2.9 months - the highest level since September 2018. Mark Sprague, state director of information capital at Independence Title indicates that while we are experiencing an increase in listings and inventory it will still be a challenge in the coming months. To be considered healthy inventory it needs to be 6 to 6.5 months to be considered a healthy market. 

Homes spent an average of 31 days on the market - the first time homes have spent over 30 days on market since February 2018. 

Cord Shiflet, Austin Board of Realtors President adds, 

“The cost of developing and building homes in Austin continues to escalate with little to no relief. This will cause sales to slow, as we see currently with home prices dropping and selling closer to the list price when compared to the past two years. It's important to note that this was demand-driven, and residential homes have not lost value. Regionally, the Central Texas housing market is returning to the robustness of the previous 10 years before the COVID-19 pandemic."

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“While we are watching market conditions normalize, local leaders can’t take their eyes off the ball— housing is still the most important issue facing our community today, and tomorrow. When it comes to development fees, Austin is 187% more expensive than other cities in Texas like Dallas, Houston, Fort Worth and San Antonio according to the 2022 Central Texas Housing Development Fees Analysis. That must change. Our city needs to take action and make meaningful impacts immediately.”

 - CORD SHIFLET 2022 ABOR & ACTRIS PRESIDENT