In July 2023, Austin's real estate market experienced a significant contraction compared to the previous month. The total number of properties sold decreased to 2,593, marking a drop of 591 properties or 18.56% from June. This downward trend was also reflected in the year-over-year comparison, with 248 fewer properties sold, a decrease of 8.73% compared to July 2022.
The average sold price for properties also saw a decrease in July, falling to $598,358.65, a drop of $8,782.56 or 1.45% from June. This was also lower than the average sold price in July 2022, indicating a year-over-year decrease of 7.28%.
The median sold price in July was $464,000, a decrease of $11,000 or 2.32% from June. This was also lower than the median sold price in July 2022, marking a year-over-year decrease of 9.90%.
In summary, July 2023 saw a contraction in Austin's real estate market, with decreases in the number of properties sold and the average and median sold prices. Despite these fluctuations, Austin's real estate market remains dynamic and continues to be a key area of interest for buyers and sellers.
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