By the numbers
In March, median home prices in the city of Austin dropped just over 15% year over year to $529,495. Median home prices in the Central Austin region also dipped about 10% year over year from $795,000 in March 2022 to $700,000 last month.
ABoR’s report shows monthly housing inventory has continued to trend upward in Austin, with 2.8 months on inventory last month compared to only half a month of inventory in March 2022. Housing inventory in the Central Austin region reached 3.6 months last month, a 500% increase since last year.
Austin’s active listings surged 307.9% last month to 2,166 listings. New listings also ticked up about 10% year over year.
Interpreting the data
Clare Losey, ABoR’s housing economist, said the drop in home prices and steady uptick of housing inventory are signs the market is stabilizing after an abnormal market during the height of the pandemic.
“The increase of new listings in March, specifically month over month, indicates rising seller confidence, and the recent decline in mortgage rates provided momentum for homebuyers,” Losey said. “Mortgage rates are projected to remain consistent for the rest of the year, making now a great time to make a move.”
Losey added that recent layoffs haven’t impacted Austin’s job growth or housing demand.
“In fact, Travis County’s job market is projected to grow at nearly double the pace of job growth statewide over the next decade, with the leisure and hospitality sector leading that growth.”
Original Post credit link: Article written by Katy McAfee (with Community Impact)