AUSTIN (KXAN) – The August report from the Austin Board of Realtors showed the Austin-Round Rock Metropolitan Statistical Area housing market continued its stabilization trend for the third consecutive month.
According to the report, active listings increased by 170.2%, which caused the highest inventory level (2.9 months) since September 2018.
Even though the Austin housing market experienced an increase in listings and inventory, Mark Sprague, the state director of information capital at Independence Title, said the biggest challenge in 2023 will continue to be inventory.
“Austin, along with the other Texas metropolitan areas, may continue to feel the effects of the previously unsustainable housing market due to the lack of inventory,” Sprague said. “We are just now getting up to three months of housing inventory, which is still short of the 6 to 6.5 months of inventory needed to be considered a healthy market.”
The Austin-Round Rock MSA covers Austin and a five-county area, which includes Bastrop, Caldwell, Hays, Travis and Williamson counties.
For the city of Austin, August home sales decreased by 30.4%. The monthly housing inventory increased 1.5 months year over year to 2.4 months.
In August, Travis County home sales decreased 28.9%, but the monthly housing inventory increased 1.7 months year over year to 2.7 months.
In Williamson County, August home sales decreased by 25.2%, and the housing inventory rose by 2.1 months to 3 months.
In Hays County, the August home sales increased by 0.2%. Pending sales decreased by 8.3%, and the housing inventory increased by two months to over three months.
In August, Bastrop County home sales decreased 15.1%. Housing inventory increased by 2.6 months to 3.7 months, which according to ABoR, was the highest level of inventory across the MSA in August.
In Caldwell County, home sales increased by 91.7% in August. Pending sales decreased by 2.0%, and housing inventory increased by 1.1 months to 2.5 months.