The housing market in the Austin-Round Rock MSA had an eventful first half of 2023, as it navigated through various economic factors that impacted both the housing market and the overall economy. The latest report from the Austin Board of REALTORS® highlights the market’s resilience and its ongoing efforts to achieve equilibrium and address affordability and housing availability challenges. Stakeholders and experts from the community will once again gather this month to collaborate on innovative housing solutions that promote a sustainable and fair housing market for the region’s future.
The month of June witnessed a dip in residential home sales, marking an 8.5% decrease compared to the previous year, resulting in 3,147 closed sales. Furthermore, the median price experienced a drop of 9.6%, settling at $483,000. Sales dollar volume also took a hit, declining by 15.6% to $1,921,766,942. The number of new listings decreased significantly by 23.6%, totaling 4,638 listings.
However, there was a notable increase in housing inventory, with a surge of 38.4% in active listings, reaching a total of 9,631 homes on the market. This led to a substantial rise in housing inventory, which climbed to 3.7 months, an increase of 1.6 months compared to the same period last year. Pending sales, on the other hand, saw an upward trend, increasing by 19.1% with 3,110 transactions. The average number of days homes spent on the market also experienced a notable change, with an increase of 61 days compared to June 2022.
Looking at the broader picture of the first half of 2023, the Austin-Round Rock MSA witnessed a 14.5% decline in home sales, totaling 15,632 sales compared to the previous year. The sales dollar volume also experienced a downturn of 23.2%, amounting to $9,076,088,439, while the median price dropped by 12.8% to $458,000. New listings saw a decrease of 7.8% to 23,366, while active listings soared to 8,180, representing a staggering increase of 173.5%. Pending sales decreased by 6.7% to 17,012.
Shifting our attention to the City of Austin, the housing market experienced a significant decline in home sales during the first half of the year, with a 22.4% drop compared to the previous year, resulting in 4,490 sales. The median price also decreased by 10.7% to $545,000, and the sales dollar volume took a hit of 27.1%, amounting to $3,180,556,219. New listings experienced a minor decline of 2.7% to 7,571, while active listings saw a substantial increase of 170.2% to 2,243. Pending sales also declined by 14.8%, with 4,918 pending sales.
In June 2023, the City of Austin witnessed a 10.6% decrease in home sales compared to the same period last year, resulting in 939 sales. The sales dollar volume also experienced a decline of 11.3%, amounting to $709,176,366, while the median price dropped by 3.6% to $588,193. The number of new listings decreased by 18.3% to 1,567, while active listings increased by 49.2% to 2,872. Pending sales, however, saw an increase of 11.9%, with 923 sales. As a result, the housing inventory increased to 3.9 months, reflecting a 2.1-month increase compared to the previous year.
Travis County, Williamson County, Hays County, Bastrop County, and Caldwell County also experienced fluctuations in their respective housing markets throughout the first half of 2023. These changes include variations in home sales, sales dollar volume, median prices, new listings, active listings, pending sales, and housing inventory.
For more in-depth analysis and market metrics of a particular MLS area, visit the Patten Title Dynamic Statistics Dashboard.
