Here are the June/2022 MLS single-family statistics for Austin, TX:
Similar red categories as May/2022 with higher percentage numbers in all boxes except for prices which rose 11% & 12% (median & average prices) vs. 18% and 16% in May (19% on both in April). So, while all of our front-end sales activity categories continue to slow down our home prices have continued to appreciate each month…albeit at a slower pace.
We have a similar story when looking at the figures for the 1st 6 months of 2022, though with lower red and higher green categories. Austin-area home sellers who closed in Jan-June of this year received Median home prices of $532,081 (+21%) and Average home prices of $656,166 (+18%) over 2021 home sellers. Also, keep in mind that the above numbers are compared to probably the best single-family sales activity we have ever experienced in Austin history during the 1st half of last year.
Lastly, the chart above compares last month to June/2019 which was the last full pre-Covid year so we can see what our market looks like before the craziness of Covid hit us in spring of 2020. Austin had a very strong real estate market in the years leading up to Covid and had been strong since spring/2011 when we moved from our very light buyer’s market to a seller’s market (less than 6 months of inventory).
This begs the question: “If the Austin market is slowing down, just what are we slowing back down into?” With only 2.09 months of inventory in June and home prices still rising by double-digits we are settling into the “normal” Austin market of the recent past. This isn’t “pie in the sky” bluster nor is it a “doomsday” scenario like I’ve heard much of the media mention lately. As always, I recommend you keep your eye on the months of inventory number as the single-best indicator of the future direction of this market. Sure, it moved to 2.09 months (+317%) last month, but even that is below what we averaged for all of 2019 as you can see in the next chart! For the past 24 months, our Austin metro has still averaged below 1.00 month of inventory!
(512) 853-0110 or robert@AustinTxHomeSales.com
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