Here are the August/2017 MLS single-family statistics for Austin, TX:
It feels like the Austin home sales market is playing on a broken record the past 6 months with virtually the same red categories (ie-negative trend) each month. You can see that last month is nearly identical to what we have averaged the first 8 months of this year, below:
2017 YTD Averages - thru August:
However, after increasing by 10% in January, both our median and average price increases have been slowly trending down….our 3% median and 4% average price increases in August were the lowest this year. This is to be expected since slowing sales activity translates into lower prices at some point with virtually any type of market. As I’ve stated before, we will not know if this is the beginnings of a true shift from a seller’s market to a buyer’s market until our months of inventory gets closer to and exceeds 6 months. At our current 2.6 months, we have a long way to go, but the gap can be closed quickly if, in fact, we are shifting. The last 6 months might just turn out to be a temporary plateauing, or cooling off of our market. At this point, it is just month-to-month to see which direction our market finally takes.