Austin Texas Real Estate Market Cools for The First Time in Years

Posted by Kent Redding on Monday, July 30th, 2018 at 9:05pm

By the Kent Reddig Group

For the last five years the Austin Texas Real Estate market has been growing non stop and we’ve enjoyed year-over-year growth which has made many people ask the big question: how much more can we grow?

The answer to this question many be coming. In June we saw the first cool down of the real estate market in years. This may be just a “blip” for the 2018 Real Estae market but it does reflect a pattern that occurred in Dallas and other major cities across the United States.

About The Austin Texas Real Estate Market

While sales soared during the first half of 2018, sales of single-family homes declined 2.7 percent year-over-year in the month of June — a first since 2013. 

The Austin-Round Rock area sold 3,299 single-family homes in the month of June, down from 3,415 in 2017. Even with the decline, however, the median price for a single-family home still rose 4.9 percent year-over-year to $326,250.

A slight dip doesn't mean sellers should hit the panic button, however. Instead says Steve Crorey, 2018 president of the Austin Board of Realtors, June's numbers need to put into perspective. 

“Despite a decline in home sales volume across Central Texas in June, 2018 is on track to be another record-setting year for the region’s housing market,” Crorey notes in the report. “Consecutive years of record-breaking sales activity have set the bar incredibly high, and it’s important to remember that we’re comparing June 2018 figures to that strong activity. 

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Are you planning on buying a home in Austin? Contact the Kent Redding Group today by calling us at (512) 306-1001 or click here to connect with us online.

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