The Austin Board of Realtors' market report for February shows a continuation of previous months' trends in the Round Rock, Pflugerville and Hutto housing markets: high inventory and steadily dropping prices.

In February, the median home sale price across all three cities was $399,500, according to the report. That is down 8.2% from $435,124 in January and down 14% from $464,550 last February.

It is also lower than the February median prices for both the city of Austin and the broader Central Texas market at $530,000 and $400,000, respectively.

Round Rock, Pflugerville and Hutto had 743 combined active home listings in February, over seven times more than last February's 103 active listings.

There were 327 closed home sales across the three cities in February, down 34.3% from 493 in February 2022.

Taylor Jackson, CEO of the Home Builders Association of Greater Austin, said in the report that more stable conditions for homebuilders have contributed to recent real estate trends.

“With each passing month, homebuilders are gaining more confidence in the stability of our housing market,‘ Jackson said. ”This is evidenced by fewer cancellations and minimized supply shortages. Additionally, first-quarter sales incentives have remained strong, and for the first time in a long time, builders have a renewed sense of optimism in the direction the market is heading.”