Peak Season? Austin’s February Home Price Data Unveiled!
February 2024 brought significant insights into both the Consumer Price Index (CPI) and residential real estate prices across Greater Austin. Here’s a concise overview of the latest developments.
February CPI Insights
The U.S. Department of Labor’s recent report highlighted sustained inflationary pressures in February, primarily driven by the housing sector, which contributed to 60% of the overall growth. The Consumer Price Index (CPI) surged by 0.4% monthly and 3.2% year-on-year, surpassing market projections. This marks the most substantial monthly increase since September of the previous year.
While the Federal Reserve convenes on March 20, expectations for interest rate adjustments have notably softened. Speculation suggests that the Federal Reserve might consider interest rate adjustments as early as June, potentially reducing rates from the prior six instances to three.
Austin Home Price Data for February
The latest market report from the Austin Board of REALTORS® introduces a significant change, incorporating data from Georgetown alongside Austin and Round Rock since 2024. Additionally, the improved report now includes a comparative analysis of average closing prices and listing prices for enhanced guidance.
City of Austin:
Median home prices experienced a slight decline of 2.8% year-over-year, settling at $543,200 in February. Despite this, the number of newly listed properties increased to 1,476, with 2,785 active listings and 554 Pending Sales.
Travis County:
The median home price remained stable at $500,000 year-over-year. The county saw 953 transferred properties and 1,958 newly listed properties, with 815 Pending Sales.
Williamson County:
With a median home price of $423,000, reflecting a modest 1.9% increase year-over-year, Williamson County observed 777 transfer transactions and 1,172 new listings.
Hays County:
February showcased a median home price of $385,000 in Hays County. The region witnessed 290 transfers, 549 new listings, and 312 Pending Sales.
Caldwell County:
Caldwell County experienced a year-over-year decrease in median home prices, settling at $299,990 in February. Despite this, the county saw a notable surge in transfer houses and new listings.
Bastrop County:
Median home prices in Bastrop County declined by 7.2% year-over-year to $351,875. However, the county witnessed increased property transfers and new listings.
All data was extracted from Unlock MLS.
