Austin Housing Market Improved Over the First 6 Months of 2023
The Austin housing market has improved immensely within the past 6 months of 2023. Despite a slight uptick in mortgage rates in June, the median sales price rose a modest 2.7 percent from May.
According to Culture Map, while median home prices in June dropped 9.6 percent across the Austin-Round Rock metropolitan statistical area (MSA), residential home sales also fell to 3,147 transactions, an 8.5 percent decline year-over-year from 2022. Pending sales did experience a jump by 19 percent year-over-year from June 2022, and homes are spending 61 days on average on the market.
Active listings are also still on the rise after an initial uptick was reported in May 2023. The number of homes currently on the market has increased to 9,631, which can also be represented as 3.7 months of inventory.
For the first six months of the year, home sales dropped in every Central Texas county. The most dramatic shift was seen in Travis County, which was a 19.4 percent decrease year-over-year from the first half of 2022. For comparison, home sales dropped only by 6.7 percent year-over-year from the month of June 2022.
Hays and Caldwell counties had the least significant drops in home sale percentages during the first half of the year, at a respective 1.8 percent and 2.9 percent decrease from 2022.
In Austin proper, home sales fell 22.4 percent year-over-year, while median prices are currently sitting at $545,000.
