Austin home sales have decreased 5.1% this September compared to the same month a year ago, according to the recent Austin Board of Realtors September 2021 Central Texas Housing Report.

“Northwest Austin housing market continues to cool after early summer peak,” Magnolia Realty real estate agent Lee Wood tweeted recently, sharing a link to a page depicting the housing market’s cool down in northwest Austin since the early summer peak.

The median sale price grew 28.5% to $450,000 this year, setting an all-time high for the month of September, according to a report by the Austin Culture Map. During that month, the housing inventory in the city fell and homes spent fewer days on the market than the average house did in September 2020.

The numbers are one of the early signs of a reversal from what had been a long housing boom. The housing market has been red hot for about two decades, the Corridor News said, but it could just be a temporary blip as Austin is set up for a continued robust housing market.

While several factors have contributed to the recent housing market boom, the Corridor News reports job growth — including a decision by Tesla to move its headquarters to the city — and diversity in the economy have played a major role. Moving forward, by continuing to attract residents to purchase homes in Austin while remaining competitive in the cost of living, the city may continue to attract job growth and capital investments, the report states.