July ABoR Stats are out!
The July 2021 ABoR Stats are out! The median sales price was $480,000 last month. Closed sales are down 9% compared to last July. More homes are also being listed across the MSA, as new listings increased 8% to 5,166 listings in July. Active listings dropped 36% to 3,294 listings. Homes spent an average of 12 days on the market, which is down compared to July 2020 indicating that as new homes are listed, they are quickly going under contract.
Vaike O’Grady, regional director of MetroStudy, said that while the frenzy to buy a home in Austin has steadied from this time last year, it’s unlikely that home prices will go down any time soon.
“Austin is always considered one of the top places to live in the U.S., but we’re losing ground due to shrinking housing inventory and affordability. With construction delays and regulatory barriers, builders and developers are having increasing difficulty getting new homes on the ground. Because of that, there’s not enough supply coming to the market to significantly impact available inventory, which further pushes prices up. Looking ahead, there will likely only be new inventory available further out in the suburbs; meaning, other submarkets may gain traction over Austin."
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