Texas capital

Prices up, sales down in Texas capital

ABoR’s Cord Shiflet (Austin Board of Realtors, iStock)

Home sales in the Texas capital fell last month as the median price soared.

The Austin-Round Rock metro area recorded 3,280 closed sales in April, down for the second straight month and down 6.2% since April 2021, according to a report from the Austin Board of Realtors. The median price in the region nevertheless set an all-time high, reaching $550,000, a 19.6% increase over the same period last year.

Notably, while changes in new listings and average time on market were little changed from a year ago, active listings jumped 52.5% and pending sales declined, leading to an increase housing stock. This is the largest year-over-year increase in housing stock since the summer of 2017.

“We’re a long way from having a good number of homes for sale in our market, so any increase in housing stock is a welcome sign,” ABoR’s Cord Shiflet said. “Our area continues to be influenced by companies targeting the Austin area for job creation and expansion, and this workforce relocation needs a place to live. Austin continues to be a demand driven market.

Within Austin city limits, April home sales fell 4.2% and the median price hit a record high of $640,000, a 16.3% increase from the median in April 2021.

The largest median price increase in the region occurred in Caldwell County, where it rose 47.1% year-over-year. The county southeast of Austin has recently attracted development projects, in part related to the booming I-35 corridor between Austin and San Antonio. Despite the steep year-over-year increase, at $365,000, the county had the lowest median price in the metro area.

Although Austin’s median price was the highest in the region, its year-over-year increase of 16.2% was the smallest. Travis County, where Austin is located, has seen a 16.8% increase since April 2021, the second-lowest in the region.