The market slowed down a bit from last month, and Austin saw 3,103 homes sold in July. Homes are staying on market the same amount of time as last July, around 44 days. The median price of homes increased by $20,000 from last July. In the Austin area, the median price of single-family homes is $320,000, a 6.2% increase from last July, and a $6,250 decrease from last month.
Inventory of total available homes is at almost 3 months. A balanced market should have 6 months of inventory, so we’re about halfway there. Buyers can likely expect higher competition due to the inventory shortage, while sellers can expect to encounter a larger pool of buyers.
July 27, 2018