The Austin-Round Rock MSA housing market has seen an increase in inventory in February. The Austin Board of REALTORS® latest Central Texas Housing Report showed that the housing inventory increased to 2.6 months, which boosts the confidence of the realtors and home builders across Central Texas. Ashley Jackson, the 2023 ABoR president, said that Austin’s housing market is moving in the right direction. The median home price decreased by 12.2% to $436,419, and residential home sales decreased 17.2% YoY. New listings declined by 0.9%, and pending sales dropped by 9.5% to 2,465 transactions YoY.
However, Jackson states that month-to-month data is vital to contextualize the figures against the overall market trend. Home Builders Association of Greater Austin’s CEO, Taylor Jackson, commented that builders’ confidence is growing, which is supported by fewer cancellations and minimized supply shortages. Down payment assistance programs that increase housing accessibility are essential. Additionally, Jackson encourages working with a REALTOR® who has powerful MLS data and on-the-ground expertise for analyzing market trends in your neighborhood.
In the City of Austin, home sales decreased 29.9% to 577 sales, and sales dollar volume decreased by 31.9% to $389,252,605 in February. The median price also declined 6.0% to $530,000. New listings slightly decreased by 0.8% to 879 listings, while active listings increased by 384.5% to 1,778 listings. Pending sales declined by 19.7% to 677 pending sales. The monthly housing inventory increased by 1.9 months YoY to 2.2 months of inventory.
Home sales decreased 26.5% to 938 sales, while sales dollar volume decreased by 31.4% to $596,185,542. The median price in Travis County slightly dipped 7.0% YoY to $499,990. However, new listings increased 5.7% to 1,411 listings, and active listings ballooned 464.8% to 3,191 listings YoY. Pending sales declined 16.2% to 1,084 pending sales, and monthly housing inventory increased by 2.2 months YoY to 2.5 months of inventory.
February home sales decreased 15.4% to 726 sales, and sales dollar volume decreased by 25.5% YoY to $336,341,463. The median price decreased 14.0% to $410,000 as new listings decreased 12.6% to 806 listings. During the same period, active listings increased by 645.9% to 2,245 listings, while pending sales slightly dropped by 6.7% to 833 pending sales. Housing inventory rose 2.1 months to 2.4 months of inventory.
February home sales increased 3.8% to 301 sales, while sales dollar volume dropped by 12.9% to $145,604,710. The median price for homes fell 13.1% to $380,000. New listings increased by 5.3% to 359 listings, while active listings skyrocketed by 448.8% to 1,136 listings during the same period. Pending sales decreased by 10.3% to 375 pending sales as housing inventory rose 2.5 months YoY to 3.0 months of inventory.
In Bastrop County, February home sales decreased 12.9% to 69 sales while sales dollar volume dropped 13.7% to $22,965,938. The median price decreased 1.9% to $280,000. During the same period, new listings fell 13.8% to 85 listings, while active listings climbed 306.8% to 309 listings. Pending sales declined 35.7% to 45 pending sales as monthly housing inventory increased 1.6 months year over year to 3.3 months of inventory.
In February, Caldwell County home sales remained unchanged at 13 sales while sales dollar volume decreased 12.4% to $3,158,850. The median home price for the county decreased 11.2% to $225,000. During the same period, new listings decreased 22.6% to 21 listings, while active listings surged 413.3% to 76 listings. Pending sales increased 100% to 26 pending sales as monthly housing inventory increased 2.4 months to 4.5 months of inventory.