Buyers look to capitalize on mortgage rate cuts,

lower home prices

 

In September, the median home price in the Austin-Round Rock-San Marcos MSA housing market decreased by 6.6% to $425,000, while pending sales increased by 20.2%. These data points indicate the region’s housing market is becoming more balanced.

“Sellers are adjusting their expectations to reflect buyers’ growing leverage in light of ongoing affordability constraints” Clare Knapp, Ph.D., housing economist for Unlock MLS and the Austin Board of REALTORS^® said. “We are also seeing active listings grow at a slower pace compared to earlier in the year, which indicates that our housing market will continue to be balanced between buyers and sellers. Pending sales in the Austin housing market have surged, likely driven by the mid-September drop in mortgage rates. Buyers are expected to take advantage of favorable conditions throughout the fall.”

Kent Redding, 2024 Unlock MLS and ABoR president said, “While mortgage rates have declined and inventory has increased. Affordability remains a significant barrier for many buyers across the region. As election day approaches, it’s crucial for Central Texans to support candidates who will prioritize housing affordability, pursue meaningful policy changes to reduce barriers to housing, and help communities take the necessary steps to increase the housing stock to respond to the growth in our rapidly evolving market.”

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 September 2023, click here.

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