The Austin’s Housing Market Remains Stable
Austin’s housing market stability and resilience were showcased in the most recent National Association of REALTORS® data (March 2023), revealing a 22.7% drop in national home sales and a 14% decline in Central Texas.
“For several months, the Austin-area housing market has been balancing as REALTORS® continue to help clients on both sides of the transaction navigate this market effectively,” Ashley Jackson, 2023 ABoR president, said. Home prices are moderating, pending sales are holding strong and homes on the market last month are selling closer to list price.”
Dr. Clare Losey, housing economist for ABoR, provided an analysis of how economic factors are impacting the housing market.
“Inflation, the near doubling of mortgage rates, fear of a recession, and, most recently, stress in the banking system have all contributed to declines in home prices nationally. In Austin, robust job and population growth have mitigated these effects on homebuyer demand, favorably indicating that our region’s economy and housing market continue to outperform national economic trends. Austin remains resilient and able to withstand broader economic turbulence more effectively. As inflation decelerates and there are concerns over a potential recession, mortgage rates should decline slightly later this year and into 2024.”
You can read all the details about the current market stats here.