AUSTIN, Texas — Home sales in the Austin-Round Rock MSA decreased 12% from the second quarter of last year to this year, according to a new Texas Quarterly Housing Report released by Texas Realtors.
While sales went down, the median price increased by 17.4% to $546,000. Active listings have skyrocketed by 217%, with homes lasting an additional six days on the market.
Looking at numbers across the state, single-family home sales declined by 5.6% in the second quarter compared to last year and the median price continued rising, now sitting at $357,388 after a 19% leap.
“Although home sales slightly declined, the demand for buying a Texas home was still impressive with more than 100,000 homes sold during the second quarter of 2022,” said Russell Berry, chairman of Texas Realtors, in a release. “Housing inventory levels are finally on the rise in many areas of the state – something we haven’t seen for several years – but home prices continue to rise.”
The housing supply in Texas increased 0.8 months in the second quarter of 2022 to 2.1 months of inventory – the same at the Austin-Round Rock MSA. Texas Realtors reports that this is the first time inventory has increased year over year since the third quarter of 2019. It's also the first time inventory has been above two months of inventory since the third quarter of 2022.
“The rapidly rising interest rates, increases in home price, and tight housing inventory had a slowing effect on home sales in the second quarter of the year, but the Texas housing market is still strong," said Jim Gaines, a research economist with the Texas Real Estate Research Center at Texas A&M University. "The data could indicate signs of a transition period for the Texas real estate market. If inventory continues to steadily increase and home sales price appreciation begins to slow, we could be moving toward a pre-pandemic environment.”
PEOPLE ARE ALSO READING: