May 2017 Market Report

[David Ivy]

*The post's title is a mistake. This is the June 2017 report.*

The June 2017 Central Texas Housing Market Report is out from the Austin Board of REALTORS®. As I pointed out in an earlier BiggerPockets thread here, the Austin market slowed in the first half of 2017 and is showing signs of normalization:

Here are the basic stats on single-family home sales for May 2017 for the city of Austin and the greater Austin area:

Affordability is applying downward pressure on the market, as more and more buyers are priced out by Austin's rising prices. Homes are still appreciating, just not at the same rate as we've seen over the previous years:

According to the Federal Reserve, the Austin area's job and economic growth is slowing (see here). At the same time, increasing housing costs have actually created a net loss in income for Austin area residents (see here). Guthrie concluded:

You can see the complete report from ABoR here.