AUSTIN (Talk1370.com) -- With housing inventory and active listings on the rise, Austin real estate experts say the local housing market is "more favorable" for both buyers and sellers than it has been recently.
The Austin Board of REALTORS released its May 2023 Central Texas Housing Market Report on Wednesday, indicating the amount of inventory in the market grew 2.2 months to 3.4 months.
“Last month’s housing market activity demonstrates not only a stable market, but one where optimism for the months ahead continues to grow,” Ashley Jackson, 2023 ABoR president, said. “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.”
Pending sales across the metro area fell slightly, down 0.5% to 3,243. Homes spent an average of 65 days on the market, which is 49 days longer than in May 2022. The market's median home price fell 15 percent to $467,500, while total sales dollar volume fell 14.8% to $2,068,145,860.
Dr. Clare Losey, housing economist for ABoR, commented on the status of home purchasing power in the Austin market.
“Nationally, from May 2022 to May 2023, homebuyers’ purchasing power declined by an estimated 8% to 9% due to the rise in mortgage rates–May’s mortgage rates, averaging 6.4%, were among the highest they’ve been all year. 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%.”
For more information or to download the May 2023 Central Texas Housing Market Report, visit ABoR.com/MarketStatistics.
