The beautiful spring season is raining down confidence and advantage on buyers and sellers alike in the Austin-Round Rock area. With housing inventory reaching three months and a significant increase in new and active listings across the board, March data from the Austin Board of REALTORS® latest Central Texas Housing Report signified a continued stabilization of the local market.
“This spring has ushered in a sweet spot for both buyers and sellers…There are three times the number of homes on the market than a year ago, bringing more choice and opportunity to homebuyers in over a decade. REALTORS® are reporting that they are busy and the market is moving at a much healthier pace than it has in years. If sellers work with a REALTOR® to price and market their home correctly, it’s going to sell,” commented Ashley Jackson, 2023 ABoR president, in the report.
Stabilizing mortgage rates have also shown signs of a more balanced climate, making buyers more likely to jump into the spring market without fear of impossible rates. Dr. Clare Losey, the housing economist at the Austin Board of REALTORS®, remarked on these rates and the normalizing housing activity in regard to buyer and seller confidence.
“Austin’s housing market is still demand driven, contributing over $1.5B to our region’s economy last month even as the pace of home sales and price growth adjusts from the extreme anomaly of the last two years. The increase of new listings in March, specifically month over month, indicates rising seller confidence, and the recent decline in mortgage rates provided momentum for homebuyers. Mortgage rates are projected to remain consistent for the rest of the year, making now a great time to make a move.”
Job growth, as well, has had a positive impact on the Austin housing market, fueling the demand for more homes. And while the public had grown weary of the current climate after news of state-wide layoffs, there has been no indication of a significant impact.
Confidence in the Austin housing market is only growing this spring season. Learn more about your local market and discover the endless opportunities open to you by working with one of our experienced REALTORS® at The Cummings Team®.
The Cummings Team® | 512-619-3186 | [email protected]