Austin Housing Market Shows Optimism for Homebuyers and Sellers
A positive shift
Increased inventory + a surge of active listings shows us a growing sense of optimism among buyers and sellers. Let's delve deeper into the data to understand the evolving real estate landscape in the region.
Active listings up 118.9%
In May, the housing inventory in the Austin-Round Rock MSA expanded by 2.2 months, reaching 3.4 months of inventory. This increase signifies a greater number of homes available for potential buyers. Furthermore, active listings experienced a remarkable 118.9% surge, totaling 8,960 active listings. This significant rise suggests that both buyers and sellers perceive the market as more favorable compared to previous months.
Purchasing power & price moderation
Dr. Clare Losey, a housing economist for ABoR, shed light on the purchasing power of homebuyers in the Austin market. Nationally, the rise in mortgage rates from May 2022 to May 2023 led to an estimated decline of 8% to 9% in homebuyers' purchasing power. However, Austin's moderation in home prices has helped mitigate the decline, with the monthly mortgage payment estimated to have declined by 3% to 4%.
stability & optimism
Ashley Jackson, the 2023 ABoR president, commented on the market activity, highlighting the stability and growing optimism for the future. The ebb and flow of mortgage rates make the value of a REALTOR® indispensable. These professionals can assist buyers in finding down payment assistance programs and identifying suitable financing options. With real estate being a potent long-term investment, having a trusted expert by your side is crucial in navigating the market effectively.
Ashley Jackson encouraged individuals to attend ABoR's upcoming annual Central Texas Housing Summit, to be held in July. With the rapid growth of the region, including Austin's emergence as the 10th largest city in the country and Central Texas being home to three of the fastest-growing cities in the nation, the housing issue becomes crucial. The summit offers a platform to discuss various aspects of the real estate industry, addressing the concerns of sellers, buyers, renters, and homebuilders.
Median Sales Price
Months of Supply
AVG Days on Market