Opportunities are arising in the Austin-Round Rock real estate market this May. The Austin Board of REALTORS® May 2023 Central Texas Housing Market Report revealed that local housing inventory jumped from 2.2 months to 3.4 months of inventory, active listings skyrocketed 118.9% to 8,960 listings, and homes sold for 94% of their original list price.
“With the ebb and flow of mortgage rates, this is when the value of a REALTOR® comes into play. They can help buyers find down payment assistance programs or identify financing options. Real estate remains the most powerful long-term investment and having a trusted expert in your corner is crucial,” said Ashley Jackson, 2023 ABoR president, in the May 2023 ABoR Housing Report.
Dr. Clare Losey, the housing economist for the Austin Board of Realtors®, recently commented on how home purchasing power has fluctuated over the past year. He remarked that on a national level, homebuyers’ purchasing power has declined by roughly 8-9% due to the rise in mortgage rates, with May’s national number of 6.4% among the highest rates in 2023. “However, in Austin, the moderation in home prices has helped to mitigate the decline in purchasing power. In fact, from May 2022 to May 2023, the monthly mortgage payment declined an estimated 3% to 4%,” said Losey.
The local housing market has continued to stabilize over the past few months, with the May market activity demonstrating a much more optimistic market for the months ahead. The positive increases in active listings and months of inventory are setting the stage for a more favorable real estate climate for both buyers and sellers.
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].