Austin, Central Texas continues to see a surging residential market, with March reporting an impressive 6.6 percent increase in new listings compared to last year, equating to nearly 4,400 homes hitting the local market. According to the latest housing report from the [Austin Board of Realtors (ABoR)](https://www.abor.com/), pending and completed home sales decreased by around 19 and 25 percent, respectively, but new and active listings persisted in spiking.
All five Central Texas counties experienced dropping home prices, with the most notable drop in Bastrop County where the median price fell by 17.5 percent to $329,990. In contrast, active listings in all counties saw an astounding increase, coupled with minor growth in completed sales in Hays and Bastrop Counties. However, home sales experienced a decline in Travis, Williamson, and Caldwell Counties.
Dr. Clare Losey, ABoR Housing Economist, stated in a press release that Austin’s housing market is still predominantly driven by demand, contributing more than $1.5 billion to the area’s economy in March alone. She also highlighted that housing sales and price growth are currently adjusting themselves from an extreme spike observed over the past two years. The month-over-month increase in new listings suggests rising seller confidence, and recent lower mortgage rates serve as a source of momentum for homebuyers.
For more information on recent Real Estate Developments in Central Texas, check out our blog [here](https://www.recenter.tamu.edu/news/newstalk-texas/?Item=29030).