AUSTIN, Texas — New data about the housing market in Austin is hinting at a cooldown for the area.
According to a report from Realtor.com, housing inventory in the Austin area is going up as there were nearly 86% more listings in May 2022 compared to last May. The area was among the top U.S. metros that saw the most inventory growth from one year to the next.
In fact, 42 out of the 50 largest metros saw inventory increases compared to last year.
The median listing price for a home in Austin is also up, now at $627,000, according to the report. That's a 25.6% increase from last year. It is also higher than the national median listing price for active listings, which is $447,000.
The report also stated that Austin saw the greatest growth in the number of homes on the market that had their prices reduced to entice buyers.
On the national level, the Realtor.com report said that the inventory of homes for sale has increased for the first time since June 2019. The national inventory of active listings increased by 8% from last year.
To put that into perspective, the Realtor.com report stated that on a typical day in May, about 38,000 more homes were actively for sale compared to last year.
However, the total number of unsold homes nationwide, which includes active listings and listing in different stages of the selling process, was still down nearly 4% from last May.
Check out the full report here.
PEOPLE ARE ALSO READING: