As we reach the midpoint of 2023, the Austin-Round Rock MSA housing market has proven to be normalizing at a consistent rate, robust against any challenges thrown its way.
Across the housing market, the median home price dropped by 9.6% to $483,000 in June, residential sales decreased by 8.5%, and new listings declined by 23.6%, respectively. While several economic factors are currently impacting the summer real estate market, housing inventory skyrocketed to 3.7 months in June, with an increase of 19.1% in pending sales to 3,110 transactions and an increase in active listings to 9,631 homes on the market. Dr. Clare Losey, the housing economist for ABoR, commented on how the economy has played a part in the current performance of the real estate market:
“The diverse and resilient economy that has been built in Central Texas, particularly over the past two decades, is instrumental in helping the region, and our housing market, withstand less than ideal economic conditions. It is important to remember that the market continues to moderate in the wake of unsustainable price growth and sales activity during the pandemic, but remains robust. The median sales price in the MSA appreciated by nearly 50% from June 2019 to June 2023.” Losey added, “The ability to buy a home remains the best way to create generational wealth, and that needs to be more accessible to everyone.”
Despite the increase in housing inventory throughout the MSA, real estate experts with the Austin Board of Realtors® will convene at this year’s annual summit to discuss the continued need for affordable housing.
“For the second year in a row, ABoR is hosting a summit focused on the state of the region’s housing market, the need to prioritize housing and how to enact change for the future…Yes, inventory is increasing and median prices have declined, but this does not mean no action is required to address the region’s housing affordability issues. We are seeing the market normalize after years of record-setting pace, but it is our job to help the region’s housing market fundamentally improve so that anyone that wants to buy a home here can find one within their budget,” says Ashley Jackson, 2023 ABoR president.
The Central Texas Housing Summit will take place on July 26th, bringing together members of the entire community, from seasoned Realtors® to business leaders to expert economists, to offer a holistic view of the housing market on a local, state, and national level. “This event is vital to working together to find solutions and enact change to ensure that we address the region’s inventory needs and affordability challenge for today and the coming decades,” said Jackson.
Contact The Cummings Team® today for more market insights, exciting new listings, and advice on your next steps!
The Cummings Team® | 512-619-3186 | cummingsteam@purerealty.com.