Median home prices in Northwest Austin are down $67,000 from July to August, according to the Austin Board of Realtors monthly report released on Sept. 15. August median home prices stood at $577,000, compared to $644,000 in July and $617,500 in June.

Compared to Aug. 2021, the median home price for August represents a 7.1% increase, compared to the 16.8% year-over-year increase associated with the median home price in July.

Residential properties in Northwest Austin spent an average of 27 days in the market, compared to 15 days in July and 10 days in June. The city of Austin as a whole saw a similar increase, going from an average of 13 days on the market in June to 25 in August.

“The cost of developing and building homes in Austin continues to escalate with little to no relief. This will cause sales to slow, as we see currently with home prices dropping and selling closer to the list price when compared to the past two years,” ABoR President Cord Shiflet said.

In August, residential home sales declined 30.9% year-over-year to 134 closed sales in Northwest Austin, with the supply of homes offered for sale relative to homes being purchased at 2.3, a number considered high. New listings also dipped from 274 in July to 192 in August.

Sales dollar volume, or the number of units sold by a company during August, declined 26.6% to $86,376,077.