Central Texas saw a decline in monthly residential sales due to the Texas winter storm, causing home sales to dip for the first time since June, according to Austin Board of Realtors data.
However, despite the storm, market demand drove housing inventory down 1.2 months to a record-low 0.4 months of inventory and the median home price up 22.5% to an all-time high of $395,000 in the Austin-Round Rock metropolitan statistical area, data shows.
“Although the winter storms slowed activity in February, this does not indicate a market slowdown. We’re still very much in a sellers’ market,” ABoR President Susan Horton said in a news release. “Across the region, a high quantity of offers, cash offers, and requests to waive appraisals or option fees are increasingly commonplace.”
In Williamson County, residential sales decreased 25% to 668 sales, and sales dollar volume decreased 8.9% to $263.3 million. The median price increased 25.9% to $364,950. During the same period, new listings fell 22.1%, and active listings tumbled 83.9%, the report said. The housing inventory also declined 1.3 months year over year to 0.3 months of inventory, it said.
Georgetown also saw a 25.1% decrease in residential sales year over year. However, median prices in the area continue to rise, increasing 14.5% year over year to $355,000. Georgetown also was reported to have 0.3 months of housing inventory, the report said.
Across the five-county MSA, home sales dollar volume jumped 15.9% to $1.2 million, while pending sales fell 15.5% to 2,573 year over year. At the same time, new listings decreased 24.8%, and active listings dropped 74.1%. Homes spent an average of 31 days on market, 32 fewer days than in February 2020, the report said.
Lawrence Yun, chief economist and senior vice president of research at the National Association of Realtors, said while the Austin market has been acutely affected by the lack of inventory, there is also a nationwide inventory shortage.
“Until we have more supply, the lack of inventory and prices rising nationwide are going to present challenges for homebuyers everywhere,” Yun said in the release. “Although it's not visible, mortgage rates will continue to rise throughout the year.”