Median prices, total sales down almost 10 percentage points in Austin-area for November

There was good news for homebuyers in the latest monthly report from the Austin Board of Realtors last week.

With rising inventory and lower prices, Central Texas' cooling housing market has provided more choices and leverage for buyers, board officials and other experts say.

Here are some key takeaways from the November report.

Median price

• Across the Austin Round-Rock region from Georgetown to San Marcos, the median price of the homes that sold in November fell 8.4% year-over-year to $424,450, indicating Austin’s housing supply is becoming available at lower price points, board officials said. They were quick to point out, however, that prices remain "considerably elevated relative to pre-pandemic levels."

"The drop in median home prices indicates buyers can be a little more selective in the search for a home that checks all their boxes," said Ashley Jackson, president of the Austin Board of Realtors.

Sales volume

• Even as mortgage rates remain elevated, the Central Texas housing market eked out a slight gain in sales last month, which rose 0.2% to 2,065 closings.

• Year-to-date through November, however, the Austin region saw a 9.8% drop in home sales, (28,154 closings). Half of those homes sold for more than $450,000 and half sold for less, for an 11.2% drop in the median price compared to January through November of 2022.

Austin's numbers

• In the city of Austin, sales year-to-date were down 15.3% (8,001 sales), and the median price was $540,000, a 9.2% drop, the board said.

• For the month of November, home sales in the city fell 6% year-over-year (516 closings). The median price was $518,000, up 1.3% from November 2022.

This article originally appeared on Austin American-Statesman: Lower Austin home prices mean more leverage for prospective buyers