The overview
According to ABoR officials in a news release, in September, Travis County and Hays County both had more than four month’s worth of inventory while Williamson County had slightly more than three months worth. Bastrop County had the highest inventory in the MSA with five months worth.
In addition to high inventory, data shows that year-over-year home sales and median home prices dropped across the MSA—by 18.2% and 4.3%, respectively—while active listings increased by 7.8%. Homes also spent an average of 65 days on the market in September, a little more than three weeks longer than last year.
These trends are “symptomatic of higher mortgage rates” but could also be impacted by a limited supply of affordable housing options, ABoR officials said in the release.
The breakdown
In Travis County, year over year:
- There was 4.2 months worth of inventory, 1.2 months more than last year.
- Active home listings were up 9.4% with 4,875 listings.
- Sales were down 12.7% with 1,085 homes sold.
- The median home price was down 4.2% to $525,000.
- There was 3.3 months worth of inventory, 0.2 months more than last year.
- Active home listings were down 10.6% with 2,873 listings.
- Sales were down 20.4% with 791 homes sold.
- The median home price was down 6.1% to $426,752.
- There was 4.7 months worth of inventory, 1.5 months more than last year.
- Active home listings were up 37.9% with 1,685 listings.
- Sales were down 30.3% with 341 homes sold.
- The median home price was down 4.3% to $400,000.
- There was 5 months worth of inventory, 1.2 months more than last year.
- Active home listings were up 23.5% with 610 listings.
- Sales were down 11.9% with 133 homes sold.
- The median home price was down 10.7% to $340,000.
While inventory continues to increase, ABoR housing economist Claire Losey said in the release that there is still a lack of affordable housing in Austin on top of high mortgage rates, both of which could reflect on current market activity.
“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,” Losey said. “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.”
Ashley Jackson, 2023 ABoR president, added in the release that it is important for buyers and sellers to understand that the housing market of 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 prequalified, while sellers can improve their home’s curb appeal,” Jackson said. “These intentional preparations will result in better experiences and outcomes on both sides of the transaction.”
