Home sales in the five-county Austin metro took a dip in July for the first time since May 2020, according to a monthly report from the Austin Board of Realtors.
Residential home sales in the metro dropped by 9.9% to 4,041 as the market plateaued for the first time in over a year. Despite cooling sales, the market's home prices stayed hot, and broke a July year-over-year record with a median home price of $574,975. Home prices in the city of Austin dipped slightly from a median home price of $575,000 in June, ending a five-month streak of record year-over-year home sales.
Median year-over-year sales prices in the metro rose 37% to $480,000, a record for July, but fell just short of an all-time record of $482,364 set in June. As prices plateaued slightly in the metro, the ever-depleted monthly housing inventory also rose slightly from 0.8 months to 0.9 months of inventory. While still unhealthily low, the metro is showing a slight recovery from a frenzied first half of 2021.
While a slowing market, no matter how slight, is rare to see in Austin, MetroStudy regional director Vaike O'Grady said that prices aren't likely to drop significantly anytime soon.
"Austin is always considered one of the top places to live in the U.S., but we're losing ground due to shrinking housing inventory and affordability," O'Grady said. "With construction delays and regulatory barriers, builders and developers are having increasing difficulty getting new homes on the ground. Because of that, there's not enough supply coming to the market to significantly impact available inventory, which further pushes prices up. Looking ahead, there will likely only be new inventory available further out in the suburbs; meaning, other submarkets may gain traction over Austin."
The cooling market might instead point to seasonality as families go on vacation and enjoy their summer break. O'Grady said the market is still a gold mine for homeowners looking to sell.
"Seasonality has a hand in the increasing home sales growth across our region and nationally," O'Grady said. " If you're looking to buy or rent a home, don't miss this opportunity to take advantage of the market's slower pace. If you're looking to sell, don't mistake this dip as a cooldown—it's still an excellent time to sell a home."
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Show your love for Tito's and for the community this year with a wide selection of not that ugly, uglyish, ugly, uglier, and ugliest holiday sweaters.
There's lots choose from, and plenty of accessories like scarves and socks, plus gear for your dog, too.
All of the items can be purchased online or at the Love, Tito’s Retail Store in Austin, TX. 100% of all net proceeds from online or in-store purchases go to one of the nonprofits we’ve teamed up with.
🗓 All weekend
Check out this highly anticipated art exhibition with illuminated art along Waller Creek. Tickets are free and the event includes food vendors, dazzling lights, live music, and hands-on activities
All weekend 6 p.m - 10 p.m | 📍Waterloo Park
This iconic holiday tradition lights up for the first time this holiday season starting this weekend! Reserve your spot for an enchanting light and sound performance, delicious hot cocoa, sweet treats, and some overall fun with your friends or family. The show runs till January 6th.
6 p.m and 9 p.m | 📍Mozart's Coffee Roasters - 3825 Lake Austin Blvd, Austin, TX 78703
This fitness event is free and open to the public. Get your morning started right with a "Fitness in the park" class for kickboxing! The class will be led by certified instructors and is a great way to get a cardio workout in while also honing your self-defense skills.
10 a.m - 11 a.m | 📍 Metz Park
Support local LBGTQ+ and female artists at this outdoor market with over 150 vendors. Get your holiday shopping out of the way at this event, with vendors for food trucks, handmade goods, raffles, hands on workshops and activities, and more.
Did someone say cheese?! If you're like me and always willing to get your hands on a bowl of mac and cheese, then this event is for you. Check out the Mac and Cheese festival happening this weekend to decide which vendor has. the best mac and cheese for yourself, and enjoy the bar with creative cocktails while you're at it. Tickets start at $45.
11 a.m - 3 p.m | 📍Lantana Place - 7415 Southwest Parkway