April housing data reveals decade-high inventory of affordably priced housing
In April, new listings rose 11.5% to 5,710 listings, increasing housing inventory to 5.6 months, 1.8 months more than April 2024. At the same time, home sales fell 13.8% to 2,484 listings while the median sales price dipped 3.2% to $450,000. The data mirrors national trends of declining home sales amid higher mortgage rates and wavering consumer confidence.
Clare Knapp, Ph.D., “Central Texas’s move toward more balanced market conditions mirrors housing market corrections nationwide, underscoring that what is happening in our market isn’t an anomaly. What’s unique to the Central Texas housing market is its supply of affordably priced inventory. Austin was one of the most affordability-constrained markets emerging from the pandemic. Many parts of the country are still supply-constrained, but in April, the Austin area posted the highest inventory level affordable to the standard household since 2012.”
“While this signals progress, especially for first-time homebuyers, significant work remains to improve long-term housing affordability across the region, especially as higher mortgage rates and economic turbulence impact buyer confidence,” Knapp continued.
Brandy Wuensch, “In today’s dynamic market, it’s important for buyers and sellers to work with a professional agent who can help them understand and act on current opportunities. With more affordable inventory available, a trusted agent can guide buyers through options like down payment assistance, financing alternatives and negotiation strategies.”
Wuensch added, “Even with these ongoing market adjustments, Central Texas homes priced competitively are still selling quickly and at or above list price. While the market may feel uncertain, one thing remains clear: homeownership continues to be one of the most powerful tools for building long-term financial stability and creating generational wealth.”
You’ll find comprehensive information on the current market stats right here. Additionally, for more details, feel free to explore www.abor.com.
If you would like to see a comparison to the Market Stats from April 2024, click here.
If you’re curious about markets beyond Austin, take a look at the Corpus Christi market.
