The data shows there was a 13.4% drop in home sales across the Austin area, with only 2,732 homes sold in June for a median price of $450,000.
The data shows there was a 13.4 percent drop in home sales across the Austin-Round Rock-San Marcos MSA, with only 2,732 homes sold in June for a median price of $450,000. There were more than 13,200 active home listings on the market last month, and 4,364 new listings. According to Unlock MLS and ABoR housing economist Clare Knapp, the decline in sales can be attributed to stubborn sellers that aren't budging on their home prices, which is exacerbating buyers' barriers to affordability.
"For buyers, the recent surge in active listings, plus affordability constraints for moderate-income buyers, means that they are choosing to be more selective when purchasing a home," Knap said."The market will continue to find its footing in the latter half of the year, proving that both buyers and sellers will need to remain nimble and work closely with their realtor to find and negotiate their best option.
Median income home buyers in Austin would need to put down a more than $200,000 payment to afford a typical mortgage payment, 6,830 homes were sold last month, in a near 5 percent decline over last year. Median prices dropped to $520,000. Active home listings continued growing to 6,276 homes, which is nearly 30 percent more year-over-year., only 945 homes were sold in June, with median prices decreasing to $434,000, only $1,000 less from May.