June data was released today regarding the Central Texas housing market and the data trends performed as anticipated.
The The City of Austin saw an increase in median home price from $565,000 to $575,000, a change of $10,000 from the preceding month and a 42% increase from the previous year. The Austin-Round Rock MSA saw an increase in median home price from $465,000 to $482,364, for a month to month change of $17,364 and a 43% increase from the previous year.
The following infographics and data is courtesy of the Austin Board of Realtors.
The most notable change here is the housing inventory levels. Compared to the prior month, and indeed the preceding nine months, there has been an increase in available inventory, albeit slight. The MSA saw a 6% increase in inventory resulting in an increase to 0.6 months of inventory. This has allowed prospective buyers to spread their prospecting across a larger array resulting in fewer offers per property and less aggressively advantageous terms for sellers on contracts. Hays County to the South saw the largest respective increase at 44% increase in new listings.
To emphasize, inventory levels are still quite low. As a benchmark six months of housing inventory is considered a balanced market between buyers and sellers. The Austin MSA is currently sitting at 0.6 months which keeps the needle well in the seller’s market classification.
The Austin MSA has been under three months of housing inventory for nearly 10 years according to Texas A&M Real Estate Research Center. Even on the heels the economic downturn in 2007-2008 the Austin MSA housing market only gently moved into a buyers market realm, peaking at 7.1 months of housing inventory. By 2011 that data had shifted back towards a seller’s market and has quite comfortably stayed in that range. Even during 2020 the highest level of housing inventory was 2 months for the entire MSA.
Williamson and Travis county continue to be strong leaders and drivers of the five county Austin MSA statistics with low inventory and climbing prices. Both the City of Austin and the MSA on a whole saw decreased days on market, down to 13 days, highlighting that inventory is moving quickly when available.
Additional sources:
https://www.recenter.tamu.edu/data/housing-activity/#!/activity/MSA/Austin-Round_Rock
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Disclaimer: The information provided here is for educational purposes only, past performance is never a guarantee of future performance.
