Here are the May Single-family Home Sales Statistics for the Austin, TX metro:
May/2022 was the turning point and end of our crazy Austin real estate market that began 48 months prior just after the Covid-19 lockdown in May/2020. We saw the lowest inventory on record in Austin which led to unprecedented increases in home prices. This market, mentioned in the article below “Why You Can’t Compare Now to the ‘Unicorn’ Years of the Housing Market” is why using only the chart above is simply comparing apples to oranges which leads to bad analysis. This is precisely why I’ve created the new chart below that I’ve shared with you over the past few months.
While the chart above still has 6 of the 8 categories in red:
- It also doesn’t have any triple-digit changes;
- Sales is only 1% down (just 16 sales) from the 5-year averages
- Pendings is only 2% from going into light red (ie-0-9% negative);
- Inventory is less than half a month (.44) from the 5-year averages
We’ve averaged 55% and 61% increases in our median and average home prices, respectively, which average out to 18.3% and 20.3% per year since Covid-19 lock down in Mar/2020. These averages include the crazy price increases of 2020/2021 as well as the declines we’ve seen over the past year, so Austin has done very well during Covid.
It will be interesting to see what our June/2023 housing numbers look like. We’ve made steady progress this year in turning the corner from our downturn that started a year ago when the Fed began to raise interest rates in an unprecedented fashion. I’m still bullish on our Austin metro housing market and expect slow, but steadily improving progress throughout this year.
(512) 853-0110 or robert@AustinTxHomeSales.com
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