Austin home prices still setting records, but pace of price growth may be slowing

Condensed article from Shonda Novak - Austin American-Statesman
Published 9/16.

Though cooling a bit, the Central Texas housing market remains on a hot streak, as median home-sales prices hit August records in both the region and within Austin's city limits.

However, in good news for house hunters, the pace of price growth could be slowing a smidge.

That's according to the latest monthly report the Austin Board of Realtors released Thursday.

Some local housing experts also agree that the five-county Austin region is seeing the rate of home prices slow some from its frenzied pace — although what that tapering looks like remains to be seen.

“The region’s housing market is calming compared to the hectic pace experienced at the beginning of the year,” Susan Horton, president of the Austin Board of Realtors, said in a written statement. “While it wouldn’t be appropriate to say market conditions are normalizing – inventory is still at an all-time low and homes are still selling as soon as they hit the market – August’s housing activity is closer to what we would typically experience in the fall."…

…In August, 3,849 sales closed n the five-county Austin region, down 4.6% from the previous August, according to the board.

The median price of those sales jumped 34.7% from a year ago to $470,000, which was an August record, the board said. The median, or midpoint, means half of the homes sold for more than that amount and half for less.

Inside Austin's city limits, 1,244 homes changed hands, a 0.2% increase in sales volume over August 2020. The median price rose 27.1% year-over-year to $540,000, which was also an August record.

Read the full article HERE.