The median home price for properties in Northwest Austin has dipped for consecutive months for the first time this year, according to a new real estate report.

The Austin Board of Realtors on Sept. 16 released its Central Texas Housing Market Report, which shows a continued decline in housing prices across Northwest Austin compared to peaks seen earlier this summer.

The median price for all properties in Northwest Austin—including single-family homes, townhouses and condominiums—dropped to $548,750 in August, according to the newest ABoR data. That is a 7.77% decline in the median price from June 2021, when home prices peaked at $595,000.

August was also the second month in a row where home prices overall have declined across Northwest Austin, a first for this year. With the exception of a single-month dip in May, home prices had increased every month this year until July, when the median home price in Northwest Austin fell by more than 5% from the month prior.

“The region’s housing market is calming compared to the hectic pace experienced at the beginning of the year,” ABoR President Susan Horton said in a Sept. 16 news release. “While it wouldn’t be appropriate to say market conditions are normalizing—inventory is still at an all-time low and homes are still selling as soon as they hit the market—August’s housing activity is closer to what we would typically experience in the fall.

While home prices appear to be falling after the early summer peak, the Northwest Austin market is still pricey compared to this time last year. In August 2020, the median price for all homes was $430,000, which is 21.64% cheaper than the median price this August, according to ABoR data.

The Northwest Austin market was also more expensive than the real estate market citywide in August, the ABoR report shows. The median home price in the city of Austin was $540,000, or about $8,000 cheaper than the Northwest Austin median price. The median home price in the city of Austin rose 27.1% year over year.