Many of you have been asking for the latest update on the Austin market. It's changing nationwide and in our own city as well. Thankfully the stats are normalizing a bit, bringing a semblance of balance to the local market. According to the Austin Board of REALTORS® 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 Austin for the first time since November 2019.
“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 still favors sellers, but buyers have more bargaining power
now than ever 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
New listings jumped 19.6%
causing housing inventory
to jump to 2.1 months of inventory, up 1.5 months from last June.
While pending sales dropped
, homes still went under contract quickly, spending an average of 18 days on the market or four
more days than June 2021.
The 2021 market was anything but normal, and this transition signals more hope for
buyers are on the horizon.
“Home prices are still increasing at a faster pace than the 5-6% that’s historically considered normal. However,
that’s still much better than this time last year, when the median price increased 43% year over year compared
to June 2020. If you’ve been on the fence about buying a home, you can take advantage of this increased
bargaining power and influx of homes on the market. As the fundamentals of our market normalize, buyers
need to get their foot in the door and work with their REALTOR® to help them find their next home.” Shiflet said.