The stats are in for July 2021 of the Central Texas Housing market. Prices have continued to see an increase in year-over-year data but the month-to-month rate actually saw a slight decrease.
The The City of Austin saw an change in median home price from $575,000 to $574,975, a month to month decrease of $25 and a 37% increase from the previous year. The Austin-Round Rock MSA saw an change in median home price from $482,364 to $480,000, for a month to month decrease of $2,364 and a 37% increase from the previous year.
The following infographics and data is courtesy of the Austin Board of Realtors:
The uptick in housing inventory is a relief for many investors and homebuyers but the available inventory and rate of turnover keeps this strongly in a seller’s market. Both the City of Austin and the Austin-Round Rock MSA are sitting at 0.9 months of inventory. This is up from preceding months but still lower than the available inventory during the same time frame in the previous year.
On an interesting note, the entire Metropolitan Statistical Area saw a decrease in Days on Market, down to just 12 days.
While Austin and the Central Texas region have performed quite strongly this year, it is worth noting that the nation as a whole is low on available housing inventory. Austin is just one of the lowest inventory regions for the state and the country. The demand is only growing. The US Census Bureau reports 184 people per day on average relocate to the MSA. That places Austin as the 4th fastest growing metropolitan area in the United States by raw population gain. Texas interestingly had 3 of the top spots: Austin, Dallas and Houston. Texas overall ranked number 1 with the greatest population increase in the nation for 2020s numbers.
And while home prices have cooled for the area this month a recent report from CoreLogic showed that the Austin MSA saw an 11.9% year-over-year rent growth for single family homes. Many industry experts believe the rising home prices and low housing inventory have driven many would-be homebuyers towards renting and the surge in that demand shows. This trend saw a 7.5% increase on average across the nation and three Texas markets surpassed that average: Austin, Dallas, and Houston in descending order of the rate of change.
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