February home sales fell year-over-year in Southwest Austin, and across the Austin-Round Rock metropolitan area, as real estate transactions stalled due to a week of winter weather and power outages, according to the most recent data released by the Austin Board of Realtors March 18.
In Southwest Austin, there were 254 homes sold in February, 76 fewer than in February 2020, resulting in a 24.4% drip year over year. The metropolitan area overall saw an 8% decrease in homes sold in February compared to 2020.
However, local home prices continued to increase, with the median price of homes sold in Southwest Austin reaching $485,000, a 22% increase year-over-year and a $20,000 increase compared to the month prior.
Overall in the city of Austin, median home prices reached a record high of $491,000 in February, according to ABoR.
“Although the winter storms slowed activity in February, this does not indicate a market slowdown. We’re still very much in a sellers’ market,” ABoR president Susan Horton said in a news release.
There were 0.3 months of inventory in the Southwest Austin market in February, which makes it the seventh consecutive month for the area with less than a month of inventory.
“Until we have more supply, the lack of inventory and prices rising nationwide are going to present challenges for homebuyers everywhere,” said Lawrence Yun, chief economist and senior vice president of research at the National Association of Realtors.