Austin-Round Rock MSA housing market demonstrates resilience despite high-interest rates

July 2023 Central Texas Housing Market Report

The Austin Board of REALTORS® released their July 2023 Central Texas Housing Market Report, and the news is good for buyers. Closed listings increased by 0.6% year-over-year, and pending sales are up 14.5%. This suggests that the market is stabilizing and becoming more balanced.

Ashley Jackson, the 2023 ABoR president, said that the July data “underscores the resiliency within the MSA’s market.” She also noted that interest rates are starting to settle down, which is good news for buyers.

The median sales price in July was $462,000, which is down 10.3% from last year. This is due to a number of factors, including rising interest rates and increased inventory. However, Dr. Clare Losey, a housing economist for ABoR, said that the Austin economy is strong, so she doesn’t expect a recession.

Dr. Losey also pointed out that the median family income in the Austin-Round Rock MSA is $122,300. This means that homes priced between $300,000 and $400,000 are still within reach for many families. However, less than 40% of the homes that sold in July were in this price range.

Jackson said that the Austin City Council is taking steps to address the city’s affordability problem. She applauded the council for starting a community dialogue on housing solutions.

Overall, the July 2023 Central Texas Housing Market Report is positive for buyers. The market is stabilizing, interest rates are starting to settle down, and there is still inventory available. If you’re thinking about buying a home, now is a good time to start looking.

Here are some additional things to keep in mind:

  • The housing market is still competitive, so it’s important to be prepared to act quickly when you find a home you like.
  • Get pre-approved for a mortgage before you start shopping so you know how much you can afford.
  • Work with a real estate agent who can help you find the right home for your needs and budget.

 City of Austin

  • 837 – Residential homes sold, 1.3% more than July 2022.
  • $550,000 – Median price for residential homes, 12.0% less than July 2022.
  • 1,224 – New home listings on the market, 22.6% less than July 2022.
  • 2,881 – Active home listings on the market, 20.0% more than July 2022.
  • 847 – Pending sales, 13.2% more than July 2022.
  • – Months of inventory, 1.5 months more than July 2022.
  • $588,966,529 – Total dollar volume of homes sold, 5.4% less than July 2022.

 Travis County

  • 1,344 – Residential homes sold, 5.5% more than July 2022.
  • $545,000 – Median price for residential homes, 9.2% less than July 2022.
  • 1,836 – New home listings on the market, 26.7% less than July 2022.
  • 4,697 – Active home listings on the market, 15.8% more than July 2022.
  • 1,314 – Pending sales, 13.7% more than July 2022.
  • – Months of inventory, 1.4 months more than July 2022.
  • $948,942,496 – Total dollar volume of homes sold, 3.0% less than July 2022.

Williamson County

  • 895 – Residential homes sold, 5.4% less than July 2022.
  • $428,350 – Median price for residential homes, 11.7% less than July 2022.
  • 1,247 – New home listings on the market, 28.1% less than July 2022.
  • 2,788 – Active home listings on the market, 2.1% less than July 2022.
  • 937 – Pending sales, 5.6% more than July 2022.
  • – Months of inventory, 0.5 months more than July 2022.
  • $445,147,628 – Total dollar volume of homes sold, 14.5% less than July 2022.

 Hays County

  • 400 – Residential homes sold, 0.3% less than July 2022.
  • $405,243 – Median price for residential homes, 10.5% less than July 2022.
  • 522 – New home listings on the market, 10.8% less than July 2022.
  • 1,493 – Active home listings on the market, 31.1% more than July 2022.
  • 439 – Pending sales, 27.3% more than July 2022.
  • – Months of inventory, 1.1 months more than July 2022.
  • $207,159,668 – Total dollar volume of homes sold, 7.1% less than July 2022.

 Bastrop County

  • 132 – Residential homes sold, 9.1% more than July 2022.
  • $349,995 – Median price for residential homes, 15.7% less than July 2022.
  • 210 – New home listings on the market, 1.9% less than July 2022.
  • 545 – Active home listings on the market, 25.6% more than July 2022.
  • 143 – Pending sales, 40.2% more than July 2022.
  • – Months of inventory, 1.2 months more than July 2022 and the highest inventory in the MSA.
  • $53,217,578 – Total dollar volume of homes sold, 0.9% less than July 2022.

Caldwell County

  • 44 – Residential homes sold, 22.8% less than July 2022.
  • $298,048 – Median price for residential homes, 20.2% less than July 2022.
  • 69 – New home listings on the market, 38.0% more than July 2022.
  • 140 – Active home listings on the market, 55.6% more than July 2022.
  • 59 – Pending sales, 68.6% more than July 2022.
  • – Months of inventory, 1.1 months more than July 2022.
  • $13,797,745 – Total dollar volume of homes sold, 41.0% less than July 2022.

For more information or to download the July 2023 Central Texas Housing Market Report, visit ABoR.com/MarketStatistics.

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