January 2022 was the second-most active start to a year in Central Texas for home sales, but closing sales decreased in the area, a new report shows.
In its monthly report, the Austin Board of Realtors stated that closed sales in the market are generally declining in Central Texas, a pattern that extends to some local real estate markets, including Round Rock, Pflugerville and Hutto.
Closing home sales fell 28.66% from 593 in December to 423 in January, but still represent a year-over-year increase of 70.8% from January 2021. ABoR data shows demand is still on the rise in the market with 0.2 months of inventory, down from 0.5 the previous month. ABoR experts have attributed this decline in available housing stock to delays in development caused by supply chain shortages.
The increase in sales year over year also comes with a 38.7% increase in the median price of a home. In Round Rock, Pflugerville and Hutto, the median price of a home in January 2022 was $450,800. Just one year previously, the median price was $325,000.
