AUSTIN, Texas — Austin's housing market continues to improve.
In its July 2022 Central Texas Housing Market report, the Austin Board of Realtors said the Austin-Round Rock area is seeing the most housing inventory in almost three years.
The median price of homes also went up 8% last month to $515,000. This is the first time growth has been in the single digits since June of 2020.
“In every aspect of our market REALTORS® are seeing positive signs that Austin’s housing market continues to normalize,” said Cord Shiflet, 2022 ABoR president. “On top of rising housing inventory, home price growth is much closer to the 4-5% annual growth that is typical for a healthy market. In addition, homes sold slightly below list price for the first time since December 2020, proving that buyers are gaining negotiating power in the market.”
In July, residential home sales declined 28.3% year over year to 2,849 closed sales, sales dollar volume declined 21.9.% to $1,837,933,383, and new listings remained about the same with a 0.2% drop to 5,142 listings. The average close-to-list price for residential homes was 98.8% in July 2022, which ABoR said is a significant change from the average 104.1% close-to-list price for the first half of the year.
On average, homes spent 22 days on the market, 10 days more than July 2021, and active listings spiked 167.9% to 8,709 listings. Meanwhile, pending sales declined 25.9% to 2,774.
The July ABoR report can be read in full here.
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