August 2022 Housing Market Update for Austin, TX MSA
August 2022 statistics have been released for the Central Texas Housing market. There was a slight decrease in median sales price from the preceding month and a 5% increase from the preceding year for the entire Austin Metropolitan Statistical Area.
The City of Austin saw a change in median home price from $633,000 to $555,000, a month to month decrease of $78,000 and an 3% increase from the previous year. The Austin-Round Rock MSA saw a change in median home price from $515,000 to $496,039 a month to month decrease of $18,961 and an 5% increase from the previous year.
The following infographics and data is courtesy of the Austin Board of Realtors:
Housing inventory saw for the MSA saw a minimal increase month to month from 2.7 months in July to 2.9 months for August, and a 2.0 months increase over the preceding year. The City of Austin remained at 2.4 months of housing inventory which is the same as July, which is a 1.5 months increase over the preceding year.
This month I want to focus on some data points that do not make the ABOR statistics publications: withdrawn and expired listings. Let’s break that into single family and multifamily categories for better like-kind analysis.
Single Family:
In the past 90 days 2,463 properties have been withdrawn and 727 listings expired. 3190 properties in total.
In the past 90-180 days, 903 properties have been withdrawn and 226 listings expired. 1129 properties in total.
In the prior year (past 360-720 days) 3191 properties were withdrawn and 1234 listings expired. 4425 properties in total.
The past 90 days has seen 55% of the preceding year's market withdrawals. And the past 90 days has accelerated at 2.7 times the rate of preceding 90-180 days.
Multifamily (2-4 units):
In the past 90 days 84 properties have been withdrawn and 35 listings expired. 120 properties in total.
In the past 90-180 days, 32 properties have been withdrawn and 23 listings expired. 55 properties in total.
In the prior year (past 360-720 days) 161 properties were withdrawn and 45 listings expired. 206 properties in total.
The past 90 days has seen 52% of the preceding year's market withdrawals. And the past 90 days has accelerated at 2.6 times the rate of preceding 90-180 days.
Where this gets interesting is when you add in new listings. For the entire MSA new listings are down 6% from the preceding year and 20% from the preceding month. Less homes are coming to market and more homes are being pulled off market at an accelerating rate. Broadly speaking, sellers are not forced to sell right now. This trend can be extrapolated over the US where sellers are withdrawing their homes from the market rather than selling at significant discounts. Home owners have more equity and are better qualified to pay their mortgages currently than at almost any time in US history. Throw in one more ingredient which is the slow down of new builds and the market on a whole is creating a backlog of eager home buyers that will likely be forced to continue renting.
Disclaimer: The information provided here is for educational purposes only, past performance is never a guarantee of future performance.
