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New data shows Austin-area housing market is calming slightly

The area still hit a record for the month of August with a median sales price of $470,000, but prices are no longer increasing at a significant rate month-to-month.

AUSTIN, Texas — New data shows the Austin-area housing market is still hot, but it's cooling off slightly.

According to the Austin Board of Realtors (ABoR) August report, home sales decreased 4.6% compared to August 2020. The report states that despite setting a record for the month of August with a median sales price of $470,000 across the area, prices are no longer increasing at a significant rate month-to-month.

“The region’s housing market is calming compared to the hectic pace experienced at the beginning of the year,” said Susan Horton, 2021 ABoR President. “While it wouldn’t be appropriate to say market conditions are normalizing – inventory is still at an all-time low and homes are still selling as soon as they hit the market – August’s housing activity is closer to what we would typically experience in the fall."

According to the report, as home sales in the Austin-Round Rock area declined 4.6% to 3,849, the median sales price increased 34.7% year-over-year to $470,000. 

In July, 4,041 homes sold and the median sales price rose 37.1% year-over-year to $480,000 – a record for that month.

Credit: Austin Board of Realtors
Graphic courtesy of the Austin Board of Realtors.

Meanwhile, inventory is looking slightly better, according to August's report. The report says there is now a month of inventory available, the highest level of inventory across the area since October 2020.

In August, new listings increased 14.1% to 4,409 listings; active listings declined 19.1% year-over-year to 3,380 listings; and pending sales decreased 8.6% to 3,970 listings. 

Homes only spent an average of 14 days on the market in August across the area, a decrease of 30 days from the year prior but more than the 12 days that homes stayed on the market in July.

For a breakdown on how the housing market fared in August in Austin and Travis, Williamson, Hays, Bastrop and Caldwell counties, check out the full August report.

WATCH: Austin-area home sales see dip in July, but prices continue to rise

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