The latest report from the Austin Board of Realtors shows home sales within the Greater Austin Metropolitan Statistical Area dropped 12.1% from last October, while the median home price continues its upward trend—up 24.7% to $455,000 over last year.
“We are beginning to see a glimpse into what buyers and sellers can expect in our housing market moving forward,” ABoR President Susan Horton said in a news release. “More new listings are hitting the market, a trend that we have seen continuously for the past eight months, and when coupled with fewer closings across the MSA, prospective buyers have more options."
Data show the market in Round Rock, Pflugerville and Hutto is still hotter than in Greater Austin.
ABOR figures show a 1.4% increase for the area in new sales over last October.
Additionally, the median home price this October is up significantly at $434,495—38.4% higher than last October.
"Real estate in Austin remains a seller’s market as historically low interest rates, strong in-migration, a rapidly recovering local economy and unprecedented stimulus all drive up the demand for housing," said Jon Hockenyos, president of economic analysis at public policy consulting firm TXP, Inc., in the release. "When the lowest inventory on record is factored into the mix, it’s clear that price pressures are unlikely to ease any time soon. Hopefully, the coming months will bring more supply to the market, as materials shortages ease and new development occurs.”