INCREASE IN CLOSED SALES INDICATE CONTINUED BUYER CONFIDENCE ACROSS AUSTIN-ROUND ROCK MSA HOUSING MARKET

 

In the Austin-Round Rock MSA, closed sales rose by 1.4% to 2,939 sales, the first increase in closed sales year-over-year since February 2022. The region also experienced an 8.8% month-over-month increase in closed sales. Housing inventory also continues to show gradual progress with a year-over-year increase of 1.o month to 3.8 months of inventory.

“Austin’s current housing market allows for potential home buyers to be picky,” Ashley Jackson, 2023 ABoR president, said. “With housing inventory increasing across Central Texas, buyers—especially first-time home buyers—can take their time searching for a home that checks all their boxes. When compared to the past two years of highly competitive market activity, this is both a welcome reprieve and perfect opportunity for buyers looking to enter the market. Now is the time to take advantage of the increase in leverage that buyers now have.”

“In August, the rise in sales—both year-over-year and month-over-month—indicates that buyers are purchasing homes because it is a good investment. However, there is still an inadequate supply of homes in the region, especially affordable housing options.  Austin’s drastically high development fees pose a significant barrier to new home construction and thereby diminish growth of our housing supply, especially when compared to other development fees in other Central Texas cities and major metropolitan Texas areas. Higher mortgage rates have led potential sellers to wait longer before entering the market, further constraining the supply of homes for sale.”

With interest rates expected to change once again before the end of the year, Losey advises both buyers and sellers to remain up to speed on the varying factors impacting the market so they can make the best decision.

You can read all the details about the current market stats here. You can also visit www.abor.com for more information.

To see a comparison to the Market Stats from August 2022, click here.