AUSTIN, Texas — The latest Austin real estate news includes a first market analysis of the year released by the Austin Board of REALTORS® and shows an increase in residential homes sold, up 4.3% year-over-year to 1,667 closed sales, and an uptick in pending sales, which rose 3.8% to 2,480 listings, according to the latest Central Texas Housing Market Report. The data demonstrates that more options are available for potential homebuyers and sellers are feeling optimistic moving into 2024.
Clare Losey, Ph.D., housing economist for Unlock MLS and the Austin Board of REALTORS, noted that although still elevated, the recent decline in mortgage rates is contributing to lower home prices and the increase in closed sales activity.
People are still moving to Austin TX. Some even want to move to Austin again. It may be taking a little longer to buy a property partly because of affordability and supply. While the supply is the best it’s been in years, it’s not a compact inventory. The Austin real estate footprint continues to expand its reach in every direction. Buyers may be able to choose a zip code, but not necessarily a neighborhood.
One of the reasons choices are limited is that homeowners are locked into historically low mortgage interest rates they aren’t motivated to lose – until they get the bug, that is. Once they get the buyer’s bug, the only cure is to buy.
For sellers who need to sell to purchase another home – that bug is getting hungry if it’s been around for a while. Now that the interest rates have settled down, the decision to move forward with the sale is a little more palatable. Lower interest rates will not only help with affordability, but they will also help with supply.
Austin real estate market news for January 2023 is here. The Central Texas housing data shows that the Austin Round Rock MSA experienced a decrease in residential homes sold down 8.9% year-over-year to 2,295 total sales that resulted from a drop in demand. The decline in inventory turnover leveled Austin home prices a bit, with interest rates playing a key role in cooling off the market in 2023.
According to the Austin Board of REALTORS® December 2023 Central Texas Housing Market Report, the Austin-Round Rock MSA, experienced an increase month-over-month in closed sales by about 230 units. Sellers met the market where it was as buyers were challenged by some of the highest rates of the year. Pending sales month-over-month were also up by about 20 units but seasonally comparing year over year, December was up by 13%.
The holiday season is officially upon us. ‘Tis the season to make those lists, check them twice, and then rewrite them. Here is some Austin real estate market advice on those wants and needs in your next home including home buying tips, home selling tips, and how to check that must-have list twice. Continue reading →
Austin real estate market news for December 2023 is here. The Central Texas housing data shows that the Austin Round Rock MSA dropped 8.4% to $424,450 last month. The market is now illuminated with an abundance of homes, lower interest rates, and more attractive price tags. If you’ve been dreaming of owning a piece of Austin magic, now might be the time to step out of the cold and into a warm, welcoming home.
Some homebuyers and sellers had their fill of the Austin real estate market this past year. There are reasons to stay in the market, to get in the market, and certainly reasons to step away for now. As the song goes, you gotta know when to hold ‘em, fold ‘em, and walk away. Here is a real estate guide to navigate the fall market with home buyer and home seller advice. Continue reading →
Austin real estate market news for November 2023 is here. The Central Texas housing data shows that the Austin Round Rock MSA experienced an increase in residential homes sold rising 4.1% year-over-year to 2,337 total sales demonstrating that buyers are finding value in the market despite higher interest rates. October median sales prices dipped 7.5% and spent an average of 21 more days on the market year over year.
According to the Austin Board of REALTORS® October 2023 Central Texas Housing Market Report, the Austin-Round Rock MSA, experienced a decrease month-over-month in closed sales by about 50 units. Housing inventory is the best it has been in years and buyers are showing up. Pending sales month-over-month are also down by about 50 units but seasonally comparing year over year, October was up by 12%.