While Austin home prices are continuing to decline year over year after an abnormal spike in the market during the pandemic, affordability still remains a concern, Austin Board of Realtors’ May report shows.
By the numbers
In May, the median home price in the city of Austin dropped 16.7% year over year to $550,000. The median home price in the Central Austin region also dipped about 8% year over year from $810,000 in May 2022 to $710,000 last month.
The ABoR’s report shows monthly housing inventory has continued to trend upward in Austin with 3.5 months on inventory last month compared to one month of inventory in May 2022 and 3.2 months of inventory in April. Housing inventory in the Central Austin region reached 4.9 months last month, a roughly 300% increase since last year.
Austin’s new listings fell 3.7% last month to 1,449 listings, and active listings surged 144% to 2,574 listings.
Quote of note
“Last month, homes sold for 94% of their original list price. The continued uptick in that figure demonstrates that sellers are pricing their homes more accurately and buyers are more responsive to those prices than in the earlier part of 2023,” ABoR housing economist Clare Losey said in the report. “Context matters, and May’s 2022 median home price, $550,000, was the highest median home price the Austin region has ever seen.”