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As predicted, we continue to see a decline in home prices month over month with a 3% drop from last month and a 6% drop from the height of the market in April-May. Unfortunately, that does not reflect the number of price reductions we have seen for homes still on the market meaning we should expect to see a continued downward trend over the next few months. The good news is that most of the appreciation gains from the past two years are still intact.
Check out the annual appreciation in your area here >> HEAT MAP <<
Last month I said, "June 2022 was the slowest June for home sales that we have seen in the past 5 years." ... and now, it is July 2022 that holds the record which had 18% fewer homes sold than the month before and a 28% decline from July 2021 and a 57% drop from July 2020!
We continue to see a large influx of homes coming on the market - a 624% increase over this time last year! And, as I'm writing this on August 23, 2022, we have 10,546 homes for sale which puts us back to 2011 inventory levels.
What does all of this mean for you?
Fewer buyers and more homes to choose from is great for buyers especially after 2 years of a highly competitive market and competing (or not being able to compete) for the few homes that were for sale. If you are seller, the opportunity to sell is still a good one and you can still benefit from the appreciate we've have these past two years, but your reality check is that the days of multiple offers and selling in a few days are gone. The homes that are selling are staged, in great condition and priced well.
Call me, if you or someone you know is looking to buy or sell real estate in the Austin area, I'd love to help!
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