The Austin Board of REALTORS®' July 2023 Central Texas Housing Market Report reveals a 0.6% year-over-year increase in closed home sales, totaling 2,815 in the Austin-Round Rock Metropolitan Statistical Area (MSA). This rise, along with a 14.5% increase in pending sales (reaching 2,892), suggests a strong finish for the housing market in 2023, particularly since stability started in July 2022.
Despite robust activity, certain metrics showed shifts. The sales dollar volume decreased by 7.2% to $1.6 billion. Homes took an average of 59 days to sell. Up 37 days compared to July 2022 but the lowest it has been since November 2022. The median price experienced a decline of 10.3% YoY to $462,000, and new listings dropped by 23.7% to 3,884. Active listings remain high with 9,663. and housing inventory extended by 1.0 month to 3.7 months.
ABoR's housing economist, Clare Losey, highlighted the increased comfort of buyers with higher interest rates and the anticipation of sustained mortgage rate elevation.
However, affordability remains a challenge. Despite the median family income of $122,300 in the Austin-Round Rock MSA, only a fraction of homes sold in July 2023 fall within the price range that most buyers can afford ($300,000 to $400,000).
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