Uptick in November sales indicates healthy market activity

In November across the Austin area, closed sales ticked up 4.6% to 2,130 closed listings, indicating a positive sign for buyers and sellers as the market continues to stabilize. The growth in sales is reflective of September’s lower mortgage rates and consistent sales activity earlier in the fall.

Clare Knapp, Ph.D., “November’s sales increase is largely tied to the activity we saw in September and October, when mortgage rates inched down to 6.08% and prospective buyers felt encouraged to move towards buying a home. What’s really driving behavior in the market is where mortgage rates land. Moving forward, despite higher mortgage rates, sales activity should remain relatively consistent year-over-year.”

Kent Redding, “With solid pending sales activity and steady inventory levels, Austin’s housing market is positioned for a steady close to the year. Buyers who locked in lower rates earlier this fall are now finalizing purchases, while sellers are finding promising opportunities as the market stabilizes with the guidance of REALTORS^®. Whether you’re ready to build equity through homeownership or have your sights set on a specific neighborhood, now is the time to take action and make your move.”

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 November 2023, click here.

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