Although sales fell and inventory increased, the median price continued to climb.
AUSTIN, Texas – New data released by the Austin Board of Realtors (ABoR) indicates that the real estate market is calming.
According to the ABoR’s May Market Report, housing inventory in the MSA of Austin-Round Rock is improving. Active listings are up 146% from last May. That’s a total of 4,173 ads.
The increase in listings more than doubled housing stock to 1.2 months of stock, from 0.7 months last May.
ABoR reported that residential home sales fell 6.7% year-over-year last month as the median price rose 19.6%, maintaining the all-time high of $550,000 set in April 2022. Dollar sales volume increased by 9% while new listings also increased by 18.8%. Homes also spent an average of 15 days on the market, one day less than in May 2021.
In the city of Austin in particular, home sales fell 10% in May. The median price of a home rose 18.1%, setting a record high of $667,000 for the city. Monthly housing inventory rose 0.5 months year-over-year to one month of inventory, according to the report.
In Travis County, home sales fell 12.3%, while the median home price rose 21.1% year over year to $659,000. Housing inventory in the county also increased from last year.
Adam Perdue, research economist at the Real Estate Center at Texas A&M University, said with more listings and inventory, the market is starting to normalize.
“The Austin area has seen dangerously low inventory levels, as low as 0.4 months of inventory in January 2021, so this slight increase in inventory and active listings indicates that the market is beginning to normalize,” did he declare. will remain high, we expect them to fall slightly below the long-term trend that we have been monitoring for the past two years.
View the full report here.
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