As summer played out in Austin (at least until “second summer” arrives, maybe this week), the home sales market continued to trend downward.

While active home listings in the Austin-Round Rock-San Marcos MSA increased by 15.4 percent since August 2023, the median home price dropped 4.4 percent year-over-year, to $439,990, according to the Austin Board of Realtors and Unlock MLS’ August 2024 Central Texas Housing Report. More homes are certainly available, according to the report, but prices need to drop more to have an impact on sales growth in the region.

“Buyers currently have more leverage in this market than previous years, and it’s important for sellers to price their homes attainably to reflect current market conditions and attract more buyers,” Unlock MLS/ABoR housing economist Clare Knapp said. “While the Federal Reserve may start cutting rates in September, don’t expect a meaningful decline in mortgage rates. Even if rates drop to 6 percent, it would only provide a modest 2 percent boost in buyer purchasing power. In today’s market, a moderation of home prices—rather than interest rates—is what will drive sales.”

Here’s how the numbers break down in different parts of the metro:

Austin-Round Rock-San Marcos MSA

  • 2,591 – Residential homes sold, 10.4% less than August 2023.
  • $439,990 – Median price for residential homes, 4.4% less than August 2023.
  • 3,781 – New home listings on the market, 4.1% less than August 2023.
  • 12,334 – Active home listings on the market, 15.4% more than August 2023.
  • 2,583 – Pending sales, 3.1% more than August 2023.
  • 4.9 – Months of inventory, 1.1 months more than August 2023.
  • $1,494,659,395 – Total dollar volume of homes sold, 11.0% less than August 2023.
  • 93.3% – Average close to list price, compared to 94.2% in August 2023.

City of Austin

  • 866 – Residential homes sold, 16.2% less than August 2023.
  • $585,000 – Median price for residential homes, 1.8% more than August 2023.
  • 1,260 – New home listings on the market, 9.2% less than August 2023.
  • 4,541 – Active home listings on the market, 18.1% more than August 2023.
  • 838 – Pending sales, 6.2% less than August 2023.
  • 5.4 – Months of inventory, 1.5 months more than August 2023.
  • $662,438,441 – Total dollar volume of homes sold, 12.6% less than August 2023.
  • 92.3% – Average close to list price, compared to 93.3% in August 2023.

Travis County

  • 1,170 – Residential homes sold, 12.4% less than August 2023.
  • $507,875 – Median price for residential homes, 2.3% less than August 2023.
  • 1,695 – New home listings on the market, 11.4% less than August 2023.
  • 6,016 – Active home listings on the market, 15.1% more than August 2023.
  • 1,123 – Pending sales, 3.2% less than August 2023.
  • 5.3 – Months of inventory, 1.2 months more than August 2023.
  • $819,479,358 – Total dollar volume of homes sold, 10.0% less than August 2023.
  • 92.7% – Average close to list price, compared to 93.6% in August 2023.

Williamson County

  • 857 – Residential homes sold, 12.6% less than August 2023.
  • $428,500 – Median price for residential homes, 3.3% less than August 2023.
  • 1,269 – New home listings on the market, 1.4% more than August 2023.
  • 3,643 – Active home listings on the market, 14.1% more than August 2023.
  • 893 – Pending sales, 2.8% more than August 2023.
  • 4.4 – Months of inventory, 1.2 months more than August 2023.
  • $423,195,158 – Total dollar volume of homes sold, 15.3% less than August 2023.
  • 93.8% – Average close to list price, compared to 94.8% in August 2023.

Hays County

  • 417 – Residential homes sold, 3.5% more than August 2023.
  • $377,850 – Median price for residential homes, 5.5% less than August 2023.
  • 574 – New home listings on the market, 8.3% more than August 2023.
  • 1,860 – Active home listings on the market, 16.5% more than August 2023.
  • 414 – Pending sales, 24.3% more than August 2023.
  • 4.6 – Months of inventory, 0.4 months more than August 2023.
  • $198,369,671 – Total dollar volume of homes sold, 1.7% less than August 2023.
  • 93.6% – Average close to list price, compared to 94.6% in August 2023.

Bastrop County

  • 101 – Residential homes sold, 24.7% less than August 2023.
  • $359,950 – Median price for residential homes, 0.3% more than August 2023.
  • 193 – New home listings on the market, 3.2% more than August 2023.
  • 679 – Active home listings on the market, 26.2% more than August 2023.
  • 100 – Pending sales, 9.1% less than August 2023.
  • 6.9 – Months of inventory, 2.1 more than August 2023.
  • $39,372,888 – Total dollar volume of homes sold, 27.5% less than August 2023.
  • 92.7% – Average close to list price, compared to 93.6% in August 2023.

Caldwell County

  • 47 – Residential homes sold, 21.5% more than August 2023.
  • $294,495 – Median price for residential homes, 1.8% less than August 2023.
  • 50 – New home listings on the market, 15.3% less than August 2023.
  • 137 – Active home listings on the market, 5.5% less than August 2023.
  • 52 – Pending sales, 52.9% more than August 2023.
  • 2.9 – Months of inventory, 1.5 months less than August 2023.
  • $14,242,320 – Total dollar volume of homes sold, 18.4% more than August 2023.
  • 95.5% – Average close to list price, compared to 96.5% in August 2023.