Austin home sales drop for 1st time in over a year — still nearing record highs

Austin
Housing prices continue to rise in Austin as less homes are available to buyers

KXAN file photo

AUSTIN (KXAN) — July home sales in the Austin metro area dropped for the first time in over a year, while the median sales price for homes in the area jumped 37% compared to July 2020, according to the Central Texas Housing Market Report.

The report, released by the Austin Board of Realtors, covers home sales and prices for the city of Austin, Travis, Williamson, Hays, Bastrop and Caldwell Counties.

The Austin market is still hitting all-time highs compared to other cities across the country. Last month was the first home sales decrease since May 2020, according to the report.

“July 2020 established the all-time-high watermark for home sales in the region due to pent-up housing
demand after several months of stay-at-home orders and increased consumer purchasing power,” Susan
Horton, 2021 ABoR President, said. “As we have moved away from the post-COVID boom, the market has
begun to stabilize.”

The median sales price in July was $480,000 with total sales reaching $2.4 billion — up 20% from July 2020. Homes stayed on the market for an average of 12 days, which is down 33 days compared to July 2020, the report says.

Despite the dip, the market was just 445 homes shy of breaking the all-time home sales record set in July 2020, the report says.

Inventory is at 0.9 months compared to 0.6 months in June 2021.

A snapshot of the Austin-Round Rock MSA housing market that includes a five-county area around Central Texas, courtesy of the Austin Board of Realtors
A snapshot of the Austin-Round Rock MSA housing market that includes a five-county area around Central Texas, courtesy of the Austin Board of Realtors

There may be some relief ahead for potential buyers and renters in the area, according to Zillow’s July report.

Zillow says inventory rose in Austin for the fifth straight month and more listings had price cuts on their site. Austin continues to lead major metros in home value appreciation in July and rents are now nearly 17% above last year.

July county reports from Austin Board of Realtors

Travis County: Home sales dropped 12.1% to 1,954 sales, and sales dollar volume jumped 14.7%
to $1,379,355,724. The median price for a home increased 34.4% year-over-year to $551,000. During the
same period, new listings increased 2.1% to 2,566 listings; active listings declined 34.5% to 1,745 listings; and
pending sales decreased 11.2% to 1,935 pending sales. Monthly housing inventory decreased 0.7 months year-over-year to 1.0 months of inventory.

Williamson County: Home sales dropped 4.9% to 1,451 sales, while sales dollar volume jumped
38.1% to $719,024,219. The median price rose 43.4% to $445,000, and new listings increased 20.2% to 1,740
listings. At the same time, active listings fell 32.9% to 1,002 listings, and pending sales also decreased 11.9% to 1,284 pending sales. Housing inventory declined 0.6 months year-over-year to 0.8 months of inventory

Hays County: Home sales dropped 14.6% to 464 sales, and sales dollar volume climbed 13% to
$245,922,935. The median price for homes increased 26.9% to $392,576. During the same period, new
listings rose 6.7% to 622 listings, while active listings decreased 41.9% to 387 listings. At the same time,
pending sales decreased 16.9% to 483 pending sales. Housing inventory decreased 1.0 months to 0.9 months of inventory.

Bastrop County: Home sales dropped 8.7% to 147 sales, and sales dollar volume rose 16.3%
to $55,506,817. The median price increased 30.1% to $345,500. During the same period, new listings
decreased 5.8% to 180 listings, while active listings declined 65.2% to 111 listings. Pending sales rose 20.2% to 155 pending sales. Housing inventory decreased by 2.5 months to 0.8 months of inventory.

Caldwell County: Home sales dropped 26.5% to 25 sales, and sales dollar volume increased
3.4% to $7,677,865. The median home price increased 22.2% year-over-year to $249,250. At the same time,
new listings increased 56.8% to 58 listings, while active listings decreased 36.4% to 49 listings. Pending
sales increased 16.2% to 43 pending sales, and housing inventory decreased 1.4 months to 1.6 months of
inventory.

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