Housing Market Update May 2020 Austin
Active Listings: 1,554 (Down -31.8% year over year and down -6.78% month over month)
Sold Homes: 728 (Down -45.2% year over year and down -4.71% month over month)
Median sales price: $440,000 (Up +2.68% year over year and down -2.22% month over month)
Active Listings: 155 (Down -56.6% year over year and down -6.63% month over month)
Sold Homes: 168 (Down -38.1% year over year and up +6.33% month over month)
Median sales price: $381,000 (Up +5.32% year over year and down -3.54% month over month)
How is the pandemic impacting the market, and how is it impacting Austin?
There's a really cool study that was done and an article on USA Today which looked at all of the major metros in the United States to figure out which ones were most impacted by the corona virus, and how the housing markets were impacted in the cities. There were three key factors that were used when determining how a city was impacted. One was the caseload for the virus itself, how many people actually got the virus as a percentage of the population. Another one was the percentage of jobs that were at the highest risk for getting COVID or being impacted by COVID. Jobs that could be done remotely had lower scores, versus jobs that require on site personnel increased the risk factor. The last was the overall affordability of the city. We compare median home prices to median income to gauge how close people are to not being able to make their payments. Another important thing nationally is that we went from 2 million unemployed Americans pre-COVID, to 25 million. The number has dropped back down to around 22 million. If it were a linear model, unemployment rates should be back to normal in about 10 months.