Real Estate Report
Austin housing inventory skyrockets to highest levels since 2018
More signs of relief for the Austin housing market. The latest monthly report from Austin Board of Realtors, released Tuesday, August 16, offers indications that the market is continuing to stabilize.
There are still new records to report, but “In every aspect of our market," says Cord Shiflet, 2022 ABoR president, in a release, "Realtors are seeing positive signs that Austin’s housing market continues to normalize.”
One of the most promising signs is an explosion of inventory in the Austin-Round Rock metro area. In July 2022, the region's housing inventory reached 2.7 months — the highest level seen since November 2018, ABOR notes, and an increase from the 2.1 months reported in June 2022.
“On top of rising housing inventory, home price growth is much closer to the 4-5 [percent] annual growth that is typical for a healthy market," Shiflet says.
In July 2022, the median metro home price reached $515,000, and while that's still the highest price on record for the month of July, the year-over-year growth rate of 8 percent is considerably lower than the pace we've come to expect.
Meanwhile, the median price in the city limits clocked in at $633,000, and a median-priced Travis County home was $610,000. While both represent an approximately 11 percent price increase from July 2021, the county median has dropped slightly from June 2022.
And, good news for prospective buyers: "[Last month] homes sold slightly below list price for the first time since December 2020, proving that buyers are gaining negotiating power in the market,” according to Shiflet.