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Austin showed resilience amid challenging economic conditions in first half of 2023

As the country’s economy braces against strong headwinds in its pursuit of equilibrium, housing in central Texas has held fast and strong in its path to normalization. While the market’s resilience was highlighted in the latest report from the Austin Board of REALTORS®, the need for long-term solutions to address affordability and housing availability was a focus as well. 

“The diverse and resilient economy that has been built in Central Texas, particularly over the past two decades, is instrumental in helping the region, and our housing market, withstand less than ideal economic conditions,” commented Dr. Clare Losey, ABoR housing economist, adding that since June of 2019, the median sales price in the MSA has appreciated by nearly 50%. 

According to the latest market update, an encouraging development in June was increased inventory across the region. The report indicates a 38.4% surge in the number of homes on the market, resulting in a total of 3.7 months of inventory, up 1.6 months from the previous year. Median price dropped by 9.6% to $483,000 and homes spent an average of 61 days on the market, 43 more than last year, with total sales volume falling 15% to $1.92B. 

“We are seeing the market normalize after years of record-setting pace,” said 2023 ABoR president Ashley Jackson. “But, it is our job to help the region’s housing market fundamentally improve so that anyone that wants to buy a home here can find one within their budget.”

Even with stabilizing prices, issues with affordability and availability in Austin persist. In an effort to address these and other problems head-on, the upcoming Central Texas Housing Summit aims to bring together experts and community members to discuss housing solutions, and will be held next Wednesday, July 26th. 

“We’re thrilled to bring together REALTORSⓇ, economists, community members and business leaders to offer valuable insight into the current state of the regional economy and housing market,” Jackson explained. “This event is vital to working together to find solutions and enact change to ensure that we address the region’s inventory needs and affordability challenge for today and the coming decades.” Those interested in attending the summit can find both in-person and virtual registration options here

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