AUSTIN, Texas — As expected, the winter storm caused home sales in Austin and Round Rock area to dip for the first time since June 2020.
KVUE previously reported that Austin's hot housing market is not slowing down, but homes are getting reassessed for damage, causing delays.
The February report from the Austin Board of Realtors (ABOR) showed Austin-area home sales declined 8% to 2,389 home sales during the month. Housing inventory also dipped during the month, and the median home price rose 22.5% to an all-time high of $395,000 in February, ABOR reported.
Within the City of Austin, the median sales price increased 24% in February to $491,000, which is an all-time high for any month on record for the City of Austin. Home sales decreased 4.6% to 834 sales.
Meanwhile, in Williamson County, home sales decreased 25% to 668 sales, and the median price increased 25.9% to $364,950 during the month of February.
In Hays and Bastrop counties, home sales and the median price for homes increased during the month. In Hays County, February home sales increased 9.8% and the median price for homes increased 7% to $301,000. In Bastrop County, home sales increased nearly 29% to 103 sales and the median price for residential homes experienced a double-digit increase of 12% to $274,946.
While the mid-month historic storm exacerbated the supply issue of homes, the inventory shortage has been a known issue for many months.
Lawrence Yun, a chief economist with the National Association of REALTORS, said in a written statement this doesn't mean buying a home in Austin right now is not a worthwhile investment.
“Although it's not visible, mortgage rates will continue to rise throughout the year. Get all your documents and finances prepared early, and realize you may not buy your dream home, but it will be a worthwhile investment,” he said.
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