ABoR: March home sales decline and inventory ticks up as home prices set records across MSA  Population growth and increasing mortgage rates complicate an already complex housing market  The Austin-Round Rock MSA experienced a decline in residential home sales, while a slight increase in housing inventory coincided with a new all-time record for median sales price, according to the Austin Board of REALTORS® March 2022 Central Texas Housing Report. “Rising home prices along with nationwide inflation and rising interest rates can seed caution in the market, so it’s important to remember that we are still experiencing a very active housing market driven by true demand, not investor speculation,” Cord Shiflet, 2022 ABoR president, said. “More homes are being listed and sold in Austin than ever before, and people are buying those homes because they need to live in them. The Austin area has a dire need for more housing stock across all housing types and price points, so last month’s increase in housing inventory and the number of homes on the market was a welcome sign.”  In March, residential home sales declined 5.9% year over year to 3,302 closed sales as the median price rose 22.6% to a new all-time record of $521,100. Sales dollar volume grew by 10.3% to $2,130,213,961 as new listings dipped 1.2% to 4,150. Active listings jumped 46.1% to 1,731 listings, causing housing inventory to increase 0.2 months to 0.5 months of inventory. Pending sales fell 11.1% to 3,597 listings and listings spent an average of 21 days on the market, six fewer days than March 2021.  Lila Valencia, City of Austin demographer, shared insights on Austin’s population growth and its impact on the housing market. “According to the Census Bureau’s 2021 population estimates, Austin is experiencing a net growth of 146 people per day. This type of growth places immediate and significant demand on infrastructure, particularly housing. When a person or family moves into Austin, finding a place to live is at the top of their agenda. The latest Austin Board of REALTORS® data shows strong housing market growth in Bastrop and Caldwell Counties, a sign that people are having to look farther out from the central city, which has implications not just for the local housing markets in these areas but also for transit and transportation and access to other amenities and services.” Shiflet added that rising mortgage rates across the country are a further complication in an already complex housing market, underscoring the importance of working with a REALTOR® who can help homebuyers and renters fully understand their options.  “Higher interest rates do not automatically equate lower home prices, especially in a high-demand market like ours. For individuals who are borderline on being able to afford that monthly payment, increased mortgage rates can make it that much harder. An experienced REALTOR® can walk you through the home purchase process, connect you with available financing options as well as down payment assistance programs, and help you determine the ongoing costs for owning a particular property.”  City of Austin  In March, home sales decreased 6.3% to 1,048 sales, while sales dollar volume increased 9.6% to $809,687,300. At the same time, median price rose 22.4% to $624,000, an all-time record for the City of Austin. Last month, new listings decreased 7.5% to 1,316 listings, active listings rose 20.3% to 533 listings, while pending sales dropped by 18.7% to 1,128 pending sales. Monthly housing inventory increased 0.1 months year over year to 0.5 months of inventory.   Travis County  In Travis County, home sales also decreased 7.1% to 1,615 sales, while sales dollar volume increased 4.3% to $1,215,615,940. Last month, median price in Travis County rose 22.8% year over year to $600,500 as new listings decreased 4.5% to 2,048 listings and active listings increased 32.1% to 873 listings. Pending sales declined 18.3% to 1,696 as monthly housing inventory increased 0.1 months year over year to 0.5 months of inventory.   Williamson County   March home sales decreased 3.0% to 1,115 sales in Williamson County. Sales dollar volume rose 18.8% year over year to $604,628,462. The median price increased 22.5% to $490,000 as new listings fell 0.8% to 1,344 listings. During the same period, active listings skyrocketed 66.5% to 428 listings while pending sales dropped 7.7% to 1,219 pending sales. Housing inventory rose 0.2 months to 0.4 months of inventory.   Hays County   In Hays County, March home sales decreased 2.6% to 409 sales, while sales dollar volume rose 21.4% to $234,574,514. The median price for homes jumped 27.6% to $440,000. During the same period, new listings decreased 10.2% to 482 listings, while active listings increased by 50.6% to 268 listings. Pending sales fell 6.0% to 452 pending sales as housing inventory ticked up 0.3 months to 0.7 months of inventory.   Bastrop County   In March, Bastrop County home sales declined 27.3% year over year to 120 sales, while sales dollar volume rose 9.1% to $56,760,430. The median price also increased 46.9% to $405,500 as new listings rose 48.5% to 196 listings. Active listings soared 109.8% to 128 listings and pending sales increased 13.2% to 154 pending sales. Housing inventory increased 0.5 months to 1.0 months of inventory.     Caldwell County   In Caldwell County, March home sales increased 19.4% to 43 home sales, and sales dollar volume rose 38.7% to $16,766,237. The median home price rose 31.2% year over year to $329,000. At the same time, new listings rose by 150% to 80 listings as active listings also increased 21.4% to 34 listings. Pending sales rose 130.3% to 76 pending sales, and housing inventory increased 0.1 months to 1.0 months of inventory.  For more information or to download the March 2022 Central Texas Housing Market Report, visit ABoR.com/MarketStatistics. 

Austin-Round Rock MSA adds housing inventory as home builder confidence grows  In February, home buyers continued to gain leverage across the Austin-Round Rock MSA as housing inventory increased to 2.6 months according to the Austin Board of REALTORS® latest Central Texas Housing Report. This increase in supply fuels growing confidence in the market from REALTORS® and home builders across Central Texas. “Austin’s housing market is trending in the right direction. Buyers have more options and negotiating power with each passing month, and sellers have more time to make their next move,” Ashley Jackson, 2023 ABoR president, said. “Remember, a healthy housing market isn’t defined by breaking records every month, but by market activity that’s steady-paced and sustainable.” Last month, monthly housing inventory increased 2.3 months to 2.6 months of inventory, and homes spent an average of 84 days on the market, up 55 days from February 2022 across the MSA. The median home price fell 12.2% to $436,419 while residential home sales also declined 17.2% year-over-year to 2,106 closed sales and sales dollar volume declined 26.5% to $1,129,639,482. New listings dipped 0.9% year-over-year to 2,764 listings while pending sales dropped 9.5% to 2,465 transactions. Coming off two unprecedented years for the Austin-Round Rock housing market, Jackson added that month-to-month data is important to help contextualize current figures against an overall trend of market stabilization. “Looking at the month-to-month data, we see that pending sales are consistent or rising in neighborhoods that are typically more affordable in areas outside Austin city limits. Along with rising inventory, that’s a good sign for housing market activity this spring.” Taylor Jackson, chief executive officer of the Home Builders Association of Greater Austin, explains that builder confidence is growing and encourages a broader perspective when looking at Austin’s housing market and home building industry. “With each passing month, homebuilders are gaining more confidence in the stability of our housing market. This is evidenced by fewer cancellations and minimized supply shortages. Additionally, first quarter sales incentives have remained strong and for the first time in a long time, builders have a renewed sense of optimism in the direction the market is heading.” “Incentives, down payment assistance programs — anything that increases housing accessibility— are very important right now,” added Jackson. “Many buyers remain priced out of the market, especially in Austin proper. There is still plenty of work to do to address systemic issues in affordability, accessibility, and missing middle construction, and those should remain our community’s number one concern.” Ashley Jackson also placed importance on working with a REALTOR® whether buying, selling or renting a home. “Work with a REALTOR® who’s experienced in your local area. Equipped with powerful MLS data and boots-on-the-ground expertise, your REALTOR® can give a detailed analysis of market trends in your neighborhood and walk through all available options so that you can buy, sell, or rent with confidence. If you’ve been intimidated by the housing market, now is the time to jump in.” City of Austin In February, home sales decreased 29.9% to 577 sales, while sales dollar volume decreased 31.9% to $389,252,605. At the same time, median price decreased 6.0% to $530,000 for the City of Austin. Last month, new listings slightly decreased ​​0.8% to 879 listings, active listings skyrocketed 384.5% to 1,778 listings as pending sales declined by 19.7% to 677 pending sales. Monthly housing inventory increased 1.9 months year over year to 2.2 months of inventory. Travis County In Travis County, home sales decreased 26.5% to 938 sales, while sales dollar volume decreased 31.4% to $596,185,542. Last month, the median price in Travis County slightly dipped 7.0% year over year to $499,990, while new listings increased 5.7% to 1,411 listings and active listings ballooned 464.8% to 3,191 listings year over year. Pending sales declined 16.2% to 1,084 pending sales as monthly housing inventory increased 2.2 months year over year to 2.5 months of inventory. Williamson County February home sales decreased 15.4% to 726 sales in Williamson County. Sales dollar volume declined 25.5% year over year to $336,341,463. The median price decreased 14.0% to $410,000 as new listings decreased 12.6% to 806 listings. During the same period, active listings soared 645.9% to 2,245 listings while pending sales slightly dropped 6.7% to 833 pending sales. Housing inventory rose 2.1 months to 2.4 months of inventory. Hays County In Hays County, February home sales increased 3.8% to 301 sales and sales dollar volume dropped 12.9%% to $145,604,710. The median price for homes fell 13.1% to $380,000. During the same period, new listings increased 5.3% to 359 listings, while active listings skyrocketed by 448.8% to 1,136 listings. Pending sales decreased 10.3% to 375 pending sales as housing inventory jumped by 2.6 months to 3.1 months of inventory. Bastrop County Last month, Bastrop County home sales increased 28.8% year over year to 103 sales, while sales dollar volume also increased by 10.4% to $39,285,549. Median price decreased 20.0% to $349,990 as new listings ticked up 3.6% to 145 listings. Active listings soared 395.8% to 476 listings as pending sales decreased 15.7% to 124 pending sales. Housing inventory increased by 3 months to 3.8 months of inventory, the highest level of inventory across the MSA in February. Caldwell County In Caldwell County, home sales stayed flat year over year with 38 closed sales, and sales dollar volume slightly dropped 6.2% to $11,806,806. The median home price slightly fell 3.1% year over year to $299,990. At the same time, new listings decreased by 14.0% to 43 listings as active listings skyrocketed 340.7% to 119 listings. Pending sales slightly decreased 5.8% to 49 pending sales, and housing inventory increased 2 months to 2.8 months of inventory. Bell County In Bell County, the number of home sales in January decreased 19.5% with 388 compared last year. During the same period, the median price rose 3.2% to $258,000. The number of active listings rose up to 1,000 year over year with 346.4% increase. Inventory increased 1.6 months to 2.0 months of inventory. For more information or to download the February 2023 Central Texas Housing Market Report, visit ABoR.com/MarketStatistics.