AUSTIN, Texas — The Austin-Round Rock MSA housing market continued its normalizing trend for the third consecutive month, boosted by a more sustainable rate of price growth and more available supply, according to The Austin Board of REALTORS® August 2022 Central Texas Housing Market Report.
Active listings in the five-county area skyrocketed 170.2%, causing housing inventory to reach 2.9 months – the highest inventory level since September 2018. Additionally, year-over-year home price growth was less than 6% for the first time since June 2020. The median home price increased by 5.5% annually to $496,039, setting a price record for the month of August while also indicating a normalization of home price appreciation that economists say is consistent with historical norms.
In August, residential home sales declined 23% year over year to 2,924 closed sales. Sales dollar volume declined 14.7.% to $1,844,350,661, while new listings dipped slightly at 6.2%