Austin real estate appears to calm

State of play: The median price for homes in the greater Austin area was about $450,000 in June — 6.3% less than in June 2023.

• Within the city of Austin, the median price for homes in June was $600,000, or 1.6% less than in June 2023.

What they're saying: Still clinging to the idea of those pandemic highs, sellers are still adjusting to the new housing market reality.

• "We've seen sellers remain resolute in their price point, a main factor behind the decline in sales," according to Clare Knapp, a housing economist with the Austin Board of Realtors.
• "For buyers, the recent surge in active listings, plus affordability constraints for moderate-income buyers, means that they are choosing to be more selective when purchasing a home."

Zoom out: Austin's rise and fall mirrors — but was more steep than — the national gyrations in the housing market.

• Since pandemic highs, when the median price in greater Austin was more than $100,000 higher than median home prices nationally, the market here has been falling back to earth. As of June that delta was only about $10,000.

What we're watching: The back half of this year to tell how much the Austin market is stabilizing.

• "Both buyers and sellers need to adjust the way they navigate the market," Kent Redding, president of the Austin Board of Realtors, said. "The homes that are selling are moving because they are showing well and priced appropriately."

What's next: Elevated mortgage rates, which are dampening the appeal and affordability of home buying, could remain high for longer.

• The Fed signaled in June that only one interest rate cut is coming this year.

Go deeper: U.S. home prices hit a new record high in May