Latest Austin Housing Report
First-time home buyers will benefit by being prepared
The ups and downs we are seeing in our market are normal, and somewhat expected considering the fast pace at which our market has moved over the past two years. If you want to begin building equity through homeownership, or if there is a specific area you want to live in, the time to plant your flag is now.
This is exactly why you want to have a REALTOR® in your corner advocating, negotiating, and counseling you throughout the entire process.
Home Sales declined 6.2%
Last month across the MSA, residential home sales declined 6.2% year over year to 3,280 closed sales as the median price rose 19.6% to a new all-time record of $550,000. Sales dollar volume grew 11.6% to $2,231,215,686, new listings dipped 0.2% to 4,653 listings, and homes spent an average of 18 days on the market, unchanged from April 2021. Active listings jumped 52.5% to 2,763, causing housing inventory to increase 0.3 months to 0.8 months of inventory as pending sales declined 5.6% to 3,630 transactions.
This marks the biggest gain in housing inventory year over year since the summer of 2017 when housing inventory increased by 0.4 months for June 2017 year over year and 0.3 months for both July and August of 2017.