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It doesn’t seem possible: In July, the Austin metropolitan area saw the first drop in home sales since May 2020. However, home prices continued to skyrocket.
According to the Austin Board of Realtors, home sales in the five counties area declined 9.9 percent last month compared to the same point in time in 2020.
“July 2020 set the all-time high for home sales in the region due to the pent-up demand for housing after several months of home orders and the increased purchasing power of consumers,” said Susan Horton, President of ABoR 2021 in a press release.
“As we said goodbye to the post-COVID boom, the market has started to stabilize,” added Horton. “The typical summer seasonality returned as people returned to other activities, including travel. There are fewer instances of dozens of offers above list price even as home prices continue to rise, albeit at a slower pace from month to month than the rise in the first half of the year. “
While home sales declined in July, home prices continued to rise.
Last month, the region’s average retail price rose 37.1 percent year-over-year to $ 480,000, a record high for the month of July, ABoR says. Among the five counties in the area, Williamson County saw the only increase in the average sales price, which was over 40 percent.
Vaike O’Grady, regional director for housing data provider Zonda, says the buzz about buying a home in Austin has stabilized over the past year from that time, but house prices are unlikely to fall anytime soon.
“Austin is always considered one of the best places to live in the US, but we are losing ground due to the shrinking housing stock and affordability. In the face of construction delays and regulatory obstacles, builders and developers are struggling to get new homes on the ground, ”said O’Grady in the press release.
Here is an overview of the average sales prices in the region for July:
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In the city of Austin, the average home price rose 37.6 percent year over year to $ 574,975.
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In Travis County, the average home price rose 34.4 percent to $ 551,000.
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In Williamson County, the average home price rose 43.4 percent to $ 445,000.
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In Hays County, the average home price rose 26.9 percent to $ 392,576.
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In Bastrop County, the average home price rose 30.1 percent to $ 345,500.
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In Caldwell County, the average home price rose 22.2 percent to $ 249,250.
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