Austin home buying is finally easier, but not cheaper

The Austin metro area's real estate market is starting to level off, according to the latest data from Redfin/MLS.

Why it matters: After two-plus years of plummeting inventory and sky-high home prices, buyers have waited a long time for a little relief.

What's happening: Mortgage rates started to surge in May and have since passed 7%, squeezing homebuyer budgets.

By the numbers: Inventory is up 38% and pending sales are down nearly 24% since May.

• Median home sale prices fell from $552,000 to $475,000 from May to September.
• Sellers are increasingly dropping their asking price. More than half (51%) of listings had price cuts, up from 23% in May.
• Meanwhile, a shrinking share of homes sold above list price. In September, only 21.5% of homes sold for more than the list price, down from 66% in May.
• Homes are also sitting on the market longer. In May, homes sold in 25 days on average, compared with 47 days in September.

But, but, but: Monthly mortgage payments are significantly more expensive than they were a year ago.

The bottom line: Austin's market is calmer, but buying a home right now isn't necessarily cheaper.