Austin housing market report shows decline in homes sold in May

AUSTIN (KXAN) -- The May 2024 report from the Austin Board of Realtors showed the Austin-Round Rock-Georgetown Metropolitan Statistical Area housing market had a 12.8% decline in homes sold with 4.9 months of available inventory. The report stated this was a level that hasn't been seen in 13 years.

The May report also said active listings saw an uptick of 37.7% year-over-year. Due to this increase in available options, buyers now have the ability to be more selective when purchasing a home, according to the Austin Board of Realtors' report.

However, Clare Losey, Ph.D., a housing economist for Unlock MLS and the Austin Board of Realtors, said the market will not offer a clear advantage to either buyers or sellers.

"This data demonstrates that buyers can continue to be more selective when searching for a home in their price range," Losey said in a statement. "Although it may appear to be a buyer's market from the outside, it’s important to understand the context behind these statistics, including higher interest rates resulting in a reduction in purchasing power."

In the city of Austin, 2.4% more homes sold than in May 2023. The monthly housing inventory was 6.2 months, which was 2.7 more than May 2023.

Travis County saw 18.8% fewer homes sold than May 2023. The monthly housing inventory was 5.6 months, which was 2.0 more than May 2023.

In Williamson County, 11.3% fewer homes sold than in May 2023. The monthly housing inventory was 3.9 months, which was 1.2 months more than May 2023.

Hays County saw 2.4% more homes sold than May 2023. The monthly housing inventory was 4.9 months, which was 1.1 months more than May 2023.

In Bastrop County, homes saw a decline in being sold -- 9.8% less than May 2023. The monthly housing market was 5.5 months, which was 1.0 more than May 2023.

Caldwell County remained stagnant in the number of homes sold. The county's monthly housing market inventory was 3.0 months, which was 0.1 months more than May 2023.