AUSTIN (KXAN) — The Austin Board of Realtors said Tuesday in a news release that the housing inventory in the Austin-Round Rock MSA reached four months of inventory — the highest level in more than eight years.

There are four months of inventory on hand, officials noted. However, the market experienced a drop in closed sales, which decreased by 18.2% year over year, according to ABoR. It also pointed to higher mortgage rates helping to a dip in prices.

“It’s imperative for Central Texans to have a game plan and strategize with their REALTORⓇ when navigating the housing market,” Ashley Jackson, 2023 ABoR president, said in the release. “It’s also important to understand that the housing market today is no longer the housing market of the past few years. The benefit of this for buyers is they can take advantage of this extra time to get pre-qualified, while sellers can improve their home’s curb appeal. These intentional preparations will result in better experiences and outcomes on both sides of the transaction.”

Travis County still commands the higher average prices at $525,000; Williamson County is about $100,000 cheaper; Hays County is at $400,000; Bastrop County is at $340,000; and Caldwell County is under $300,000, according to ABoR.

“While our current market shows signs of health with more housing supply becoming available, they are not necessarily attractive options for first-time homebuyers or those shopping for more affordable homes. The current inventory level across the MSA demonstrates that while we’ve seen a steady increase in supply over the past year, many of these homes are not attainable for the average Austin resident,” Clare Losey, Ph.D, housing economist for ABoR said in the release.