May 2022 Market Statistics
Last month across the MSA, residential home sales declined 6.7% year over year to 3,633 closed sales as the median price rose 19.6%, maintaining the all-time record of $550,000 set in April 2022. Sales dollar volume grew 9.0% to $2,482,046,786 while new listings also increased 18.8% to 5,231 listings, and homes spent an average of 15 days on the market, a day less than May 2021. Active listings skyrocketed 146.2% to 4,173 listings, causing housing inventory to more than double to 1.2 months of inventory, up 0.7 months from last
May, as pending sales declined 12.5% to 3,643 transactions.
Dr. Adam Perdue, a research economist at the Real Estate Center at Texas A&M University, offered his insight into the current state of the market.
“The Austin region saw dangerously low levels of inventory, as low as 0.4 months of inventory in January 2021, so this slight increase in inventory and active listings point to the market beginning to normalize.
While year over year price increases will continue to remain high, we
project them to fall slightly lower than the long-term trend we’ve
monitored over the past two years.”