AUSTIN, Texas — New data is out from the Austin Board of REALTORS (ABoR) regarding the housing market for May. The main takeaway: things are "stable."
“Last month’s housing market activity demonstrates not only a stable market, but one where optimism for the months ahead continues to grow,” said Ashley Jackson, 2023 ABoR president. “With the ebb and flow of mortgage rates, this is when the value of a REALTOR® comes into play. They can help buyers find down payment assistance programs or identify financing options. Real estate remains the most powerful long-term investment and having a trusted expert in your corner is crucial.”
The Central Texas Housing Market Report showed for May 2023 that housing inventory grew from 2.2 months to 3.4 months and active listings saw a 118.9% increase to 8,960 listings.
"Nationally, from May 2022 to May 2023, homebuyers’ purchasing power declined by an estimated 8% to 9% due to the rise in mortgage rates–May’s mortgage rates, averaging 6.4%, were among the highest they’ve been all year. However, in Austin, the moderation in home prices has helped to mitigate the decline in purchasing power. In fact, from May 2022 to May 2023, the monthly mortgage payment declined an estimated 3% to 4%,” said Dr. Clare Losey, housing economist for ABoR.
Below is a breakdown of the Austin-Round Rock metro area:
City of Austin
- Home sales decreased 7.6% to 1,028
- Sales dollar volume fell 19.6% to $732,218,904
- Median home price declined 16.7% to $550,000
- New listings fell 3.7% to 1,449
- Active listings jumped 144.0% to 2,574
- Pending sales dropped 10.1% to 949
Travis County
- Home sales decreased 5.1% to 1,633
- Sales dollar volume fell 13.7% to $1,198,970,260
- Median home price declined 17.4% to $537,000
- New listings fell 8.1% to 2,256
- Active listings jumped 125.4% to 4,296
- Pending sales dropped 3.0% to 1,533
Williamson County
- Home sales decreased 6.7% to 1,113
- Sales dollar volume fell 16.8% to $559,090,028
- Median home price declined 13.7% to $439,990
- New listings fell 18.1% to 1,387
- Active listings jumped 99.5% to 2,530
- Pending sales dropped 1.2% to 1,075
Hays County
- Home sales rose 9.5% to 460
- Sales dollar volume fell 17.1% to $224,503,192
- Median home price declined 16.1% to $400,000
- New listings fell 18.6% to 611
- Active listings increased 121.4% to 1,439
- Pending sales increased 5.6% to 433
Bastrop County
- Home sales decreased 4.2% to 158
- Sales dollar volume fell 7.1% to $67,537,423
- Median home price declined 7.7% to $369,900
- New listings fell 1.8% to 224
- Active listings jumped 151.1% to 555
- Pending sales increased 1.4% to 142
Caldwell County
- Home sales decreased 25.4% to 47
- Sales dollar volume fell 26.1% to $16,751,072
- Median home price declined 9.6% to $312,000
- New listings increased 11.7% to 67
- Active listings jumped 191.7% to 140
- Pending sales increased 46.3% to 60
You can read the full housing report on ABoR's website.
Boomtown is KVUE's series covering the explosive growth in Central Texas. For more Boomtown stories, head to KVUE.com/Boomtown.