Buyers sought affordable housing inventory outside of Travis County in July 

 

In July, the Austin-Round Rock-San Marcos MSA housing market experienced a 3.5% decrease in sales overall, with 2,652 closed listings. However, sales increased in Williamson, Hays, Bastrop and Caldwell counties as buyers continue to seek more affordable.

“Consistently high mortgage rates continue to impact buyer’s purchasing power, but July’s increase in sales shows the strength of Central Texas housing demand,” Clare Knapp, Ph.D said. “With rates around 6.5%, only about half of homeowners in our market can afford a median priced home and only about a quarter of renters can afford a starter home. Home prices across the market still need to decrease to meet market conditions and meet buyers where their purchasing power is currently. It is notable that we are seeing more first-time buyers willing to make a move this year compared to last, and that is a positive sign for our market.”

Kent Redding said ““Buyers are taking advantage of ample housing inventory and more affordably priced housing options in the market outside of Travis County. This demonstrates that when a home is priced right, buyers are ready to make a move. Current market conditions highlight the need for consistent passage of sustainable housing policies to increase inventory across all price points in Travis County.”

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 July 2023, click here.

If you’re curious about markets beyond Austin, take a look at the Corpus Christi market.