AUSTIN (KXAN) — Median home prices in the Austin-Round Rock-San Marcos metropolitan statistical area (metro) continued to fall in August compared to a year prior, but are still out of reach for most prospective homebuyers, according to a new report from the Austin Board of Realtors (ABoR).
ABOR housing economist Clare Knapp said that active home listings are up 15.4%; however, closed sales are down 10.4% compared to August 2023.
“However, we still are seeing buyers largely being constrained by affordability from both higher mortgage rates and still elevated home prices,” Knapp said. “We’re looking at home prices that are relatively flat on a year-over-year basis. It’s not likely that buyer demand is really going to move until home prices come down more meaningfully.”
The median sales price in August was $439,990, down from $450,000 in July. Within the city of Austin, prices rose nearly 2% year-over-year to $585,000.