Austin-Round Rock MSA market continues to balance and exceeds national trends
The recent market statistics showed the housing inventory increased 2.4 through 3.4 months of inventory and homes spent an average of 71 days on the market, up 53 days from April 2022. The chart below shows that the median home price fell 15.1% to $466,705. Residential home sales also declined 18.8% year-over-year to 2,661 closed sales. New listings declined 10.6% year-over-year to 4,115 listings while pending sales rose 0.2% to 3,267 transactions.
Due to economic factors such as inflation, doubling of mortgage rates, fear of recession, and stress in the banking system contributed to the declines in home prices nationally. However, the effects on homebuyer demand were mitigated through robust job and population growth. This shows that the region's economy and housing market continue to outperform national economic trends.
Austin remains resilient and able to withstand economic turbulence while continuing to balance. These factors, combined with the moderation in home prices, will improve Austin’s housing affordability long-term that allows potential buyers to eventually enter the market.