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As the number of homes for sale increases, the price of a home in Austin will reach $ 667K

Once again, the average home price in Austin has risen to a new record high.

According to a recent monthly report from the Austin Board of Realtors, the median price in city limits rose to $ 667,000 in May 2022, representing a 18.1 percent increase from May 2021 and a significant jump from April 2022 to $ 640,000.

The average home price in the Austin-Round Rock metro area remained stable in May ($ 550,000, same figure for April 2022, ABoR reports), with house prices rising in all five counties in the region. Travis County recorded an average home price of $ 659,000, up 21 percent from a year ago.

But prices were not the only increase. In some good news, the Austin market active listings grew 146 percent year-over-year in May, pushing the area’s housing inventory above the one-month mark for the first time in seven months. That increased inventory will provide more opportunities for many buyers in the area, the release says.

“The power of our evolving housing market remains an important part of the Austin economy,” says 2022 ABOR President Card Shifflett in a release. “The increase in inventory we are seeing has helped buyers who have struggled to find a home in the last two years.”

Perhaps even more important, “this slight increase in inventory and active inventory starts to normalize the market,” says Adam Purdue, a research economist at Texas A&M University’s real estate center. “Year-to-year price increases will remain high. We plan to fall slightly short of the long-term trend we have been monitoring over the past two years.”

And contrary to the latest Insiders The analysis, which identifies Austin as the No. 1 market in the bubble, says Perdue does not imply that Austin’s affordability problems will burst or the market will collapse.

“Austin’s housing market has experienced a multitude of factors that affect its current state, one of which is a strong influx of companies and individuals from Texas and outside states to the region. The diverse economy is attractive to people looking for opportunity,” he says. “Given this growth and the continued increase in prices, the decline in sales is seen as a supply issue rather than demand and does not indicate a bubble burst.”

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