The Austin-Round Rock MSA housing market has found its groove in April 2023 as local statistics reveal a continued effort to rebalance and stabilize while also outperforming national trends. The National Association of REALTORS® has shown a nationwide decline in home sales at 22.7%, while local Texas markets only showed a 14% decrease.
April data from the Austin Board of REALTORS® latest Central Texas Housing Market Report has shown housing inventory increasing to 3.2 months, an increase of 53 days in the average time spent on the market, and a 15.1% drop in the median home price to $466,705. New listings decreased 10.6% year-over-year, with 4,115 listings in April, while pending listings jumped 0.2% to 3,267 transactions.
Dr. Clare Losey, the housing economist for the Austin Board of REALTORS®, shared insightful information about this moderation in home prices, ultimately making it easier for first-time homebuyers to enter the market and become homeowners.
“Overall, the balancing of the market is beneficial for the broader Austin economy. As inflation decelerates and there are concerns over a potential recession, mortgage rates should decline slightly later this year and into 2024. Meanwhile, over the past year, wage growth in the Austin-Round Rock MSA has outpaced that of the nation. These factors, combined with the moderation in home prices, will improve Austin’s housing affordability long-term, allowing more potential buyers to eventually enter the market.”
Moderating home prices, a substantial influx in pending sales, and homes selling closer to list price are all excellent indicators that the Central Texas housing market is making strides in its rebalancing efforts.
Ashley Jackson, the 2023 ABoR President, commented on the normalizing local market: “For several months, the Austin-area housing market has been balancing as REALTORS® continue to help clients on both sides of the transaction navigate this market effectively…This is still a market that is seeing lots of activity, just not at a record-setting pace, and that is to be expected given broader economic trends. Home prices are moderating, pending sales are holding strong and homes on the market last month are selling closer to list price. These are all signs of a market that is still balancing and doing so in a healthy way.”
Contact The Cummings Team® today for more market insights, exciting new listings, and advice on your next steps!
The Cummings Team® | 512-619-3186 | [email protected].