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We are starting to see a shift in the Austin Real Estate Market!
While this shift seems to be seasonal, we are seeing other factors that indicate we are headed back to a more balanced real estate market.
Number of Home Sales
The number of home sales for July is down 7.5% from June and down 9.5% from July of last year. This downward shift is something we see this time of year, typically due to school starting. Buyer demand is still strong however. Our year-to-date home sales for 2021 is up 11.5% compared to last year.
Median Home Prices
We continue to see a stabilization in home prices. The median home price in Austin right now is $480k which is up 37% from July of last year. Compared to last month, however, the shift was every so slight, from $482k to $480k. Historically, prices soften a bit in the Fall and Winter.
Homes for Sale
We are finally seeing a significant shift in the number of homes coming on the market - in fact, a 78% increase from June to July. More homes to choose from has lessened the buyer competition and helped to stabilize prices.
Months Inventory
Even with the increase in listings, it is still a strong sellers market with less than one months of inventory. In other words, if we continue to sell homes at the same pace as we have been, it will take less than one month to sell everything currently on the market. A 6 month supply of homes is considered a balance ("normal") real estate market... which we actually haven't seen in the past 5 years.
If you or someone you know is in the market to buy or sell a home in Austin Texas, call me! I would love the opportunity to help.
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