Despite interest rates for 30-year fixed-rate mortgages averaging more than 7 percent nationwide, the local housing market showed year-over-year growth in July, according to the latest market report from the Austin Board of Realtors. In July, the Austin-Round Rock metropolitan statistical area showed a 0.6 percent increase in closed sales compared to 2022, with 2,815 total deals closed. The report also showed:
- The median sales price decreased 10 percent year over year to $462,000,
- The days-on-market average was 59 days, a year-over-year increase of 37 days,
- Total sales volume was $1.66 billion, a 7 percent year-over-year drop, and
- The market had 3.7 months of inventory, which represented a one-month increase from the previous year.
“July’s housing market activity underscores the resiliency within the MSA’s market,” Austin Board of Realtors President Ashley Jackson said in a statement. “We now have a direct year-over-year comparison of when our market began stabilizing, and the big fluctuations we’ve previously seen have started to even out.”