How is the Austin housing market doing?

The Austin housing market is starting to stabilize when it comes to prices, but there are fewer new homes for sale. Homes are also taking a bit longer to sell than last year. The typical home in Austin is listed at $475,000, which hasn't changed at all in the last month. However, that price is still almost 10% lower than it was a year ago, so homes are more affordable than they used to be. There are 11,974 homes actively for sale in Austin. While this is a lot of choices, there aren't as many *new* homes coming onto the market. New listings are down by 13.2% compared to last year, with only 4,084 new homes listed last month. Homes are sitting on the market for 56 days, which is about 22% longer than last year. This means buyers have more time to look around and decide. Also, about 27% of homes have had their prices lowered, which is similar to last year. For sellers, even though prices have dropped compared to last year, they've held steady recently. For buyers, there's a good selection of homes, and you have more time to make an offer. About 4,367 homes are currently under contract to be sold.