AUSTIN, Texas —In June, closed listings across the Austin-Round Rock-Georgetown MSA decreased 13.4% year-over-year with 2,732 sales. That left 5 months of available inventory, the highest since 2011 according to the latest Central Texas Housing Report. Active listings increased 25.9% year-over-year. The amount of homes for sale coupled with elevated mortgage rates has tempered the median sales price to $450,000, a 6.3% reduction over June 2023.
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In any housing market, homebuyers ultimately determine value. Home prices go up in a strong seller’s market because the demand is high. In a buyer’s market prices come down when the supply is high and the demand is low. The Austin housing market is very value-driven right now. The exact formula factoring in how price, condition, and location are weighted is up to the buyer in any market. What’s different about now? The other factor you need is motivation and the lack of it presents a unique situation for buyers and sellers. Continue reading
AUSTIN, Texas —In May, closed listings across the Austin-Round Rock-Georgetown MSA decreased 12.8% year-over-year with 2,968 sales. That left 4.9 months of available inventory, which hasn’t been seen in 13 years according to the latest Central Texas Housing Report. Active listings ticked up 37.7% year-over-year. Because of this increase in available options, buyers have the power to be more selective when purchasing a home.
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The MAYcember real estate market is here. Spring has arrived, but it doesn’t quite look or feel like it, at least not in Central Texas. I think Mother Nature is a bit confused this month. April showers are supposed to bring May flowers – but we had them early this year. Instead of stopping to smell the roses, we have to hustle. It’s Maycember, after all. This is the month when there is not enough time in the day like December, only without gifts at the end. Our plates are full with prom season, graduation, college move-out, end-of-school, wedding season, and for many the start of home buying and selling season. Continue reading
AUSTIN, Texas —In April, closed listings across the Austin-Round Rock-Georgetown MSA increased 5.9% to 2,708 sales, the highest year-over-year increase in residential homes sold this year, while the median home price rose 1.1% to $469,998. The data demonstrates that there is a collective sense of confidence and optimism in the housing market among both homebuyers and sellers according to the latest Central Texas Housing Report.
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Austin Real Estate News – In March, new home listings across the Austin-Round Rock-Georgetown MSA jumped to 4,714 new listings, 10.2% more than March 2023, leading to multiple markets reaching four months of inventory, according to the latest Central Texas Housing Report. The data indicates that homeowners have confidence in their ability to sell their homes for good value while buyers now have a larger selection of home options, helping to keep price growth flat.
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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.