Median home sale prices drop in Austin
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The Austin area's housing market continued to cool in January, even as prices nationally slightly increased.
Why it matters: Any relief from sky-high home prices is welcome, especially as mortgage rates creep up, writes Axios' Brianna Crane.
By the numbers: The median home sales price in the Austin metro area was $451,000 in January, down 6.6% from last January and down nearly 0.9% from December, per recent data from Redfin.
- Homes sat on the market for 80 days on average in January, compared to 45 days last year.
What they're saying: Monthly housing inventory stayed flat at 2.7 months of inventory from December 2022, according to the Austin Board of Realtors, a strong indicator that the Austin market is still in need of more housing.
- "January’s data demonstrates the Austin-Round Rock MSA market is continuing to find a post-pandemic normal," Austin Board of Realtors president Ashley Jackson said in a statement.
Of note: "Outlying areas like Caldwell and Hays counties are the most affordable pockets in Central Texas," Jackson added. "When we have a city like Austin challenged by affordability, the entry point in surrounding areas will slightly increase as people try and find neighborhoods they can afford."
Zoom out: Nationally, median home sales prices have crept up 1.3% from one year ago.
- The national median home sales price in January was $383,000.
- Sales fell for the 12th month in a row, according to the latest from the National Association of Realtors
- As demand falls, homes sit on the market a little longer, which gives buyers a little more room to negotiate.
What's next: Spring, typically marked by high demand, more competition and higher home prices, is right around the corner.
- If spring 2023 follows typical trends, we should expect home prices to rise again in the near future.
- Yes, but: Experts predict 2023 will see a far less frantic housing market than in 2022.