The overview
The dip in prices is in line with figures for Central Texas, as the area saw a 6.3% decline in median sales prices in June, down to $450,000, per ABoR data.
Kent Redding, ABoR president, said in a news release that both buyers and sellers will need to adjust the way they navigate the housing market for the remainder of the year.
“Homes are selling at 96.4% of original list price, but the homes that are selling are moving because they are showing well and priced appropriately,” he said. “Price and presentation are the top two critical components to a successful sale, whereas time on the market can be a big detractor. For buyers, now is the time to expand your options and make competitive offers in this high-inventory environment.”
By the numbers
Homes sold in the 78717 ZIP code saw the largest drop in median home prices, declining by 18.9% to $572,500.ZIP code 78665 saw the largest increase in year-over-year sales in June, with a total of 105 homes sold, compared to last year’s 82.The average time homes spent on the market was also down across three ZIP codes, except for ZIP 78717, which increased by 29.1%.
