Austin Housing News July 2022

I love understanding the market and even more, I love sharing the information with you. In July we saw the trend toward a more traditional and sustainable Austin area housing market.

The median home price, in the Austin Metropolitan Statistical Area (MSA), grew year-over-year by only eight percent to $515,000. Remember, this time last year we were seeing a growth of 40-45 percent. This is the first time home price growth has seen single digits since 2020.  Speculators believe we will see thing level off to a typical 3-4% year-over-year growth.  This is typical for a HEALTHY market.

Other trends we saw in July:

• Residential sales declined by 28.3%
• Active listings are up 167% to 8,709 active listings
• Houses are spending 22 days on the market (10 more days than July 2021)

Inflation and raising interest rates have done their job to cool off the market.  What does this mean for you?

• Buyers - This is a great time to buy.  You have more inventory, fairly low-interest rates (considering history), and the threat of overpaying has now subsided. 
• Sellers - Reset your expectations when pricing your homes.  Buyers now have more flexibility and leverage.  

My tip to you is to get to know as much about the offer process as possible and learn how to make homeownership accessible to you!  Learn about the various lender programs like all cash financing and seller buy-down rates. Now is the time to get educated and stay updated on your market trends. 

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Interested in more tips, tricks, and strategies? Download a copy of my informative buyer's guide to help walk you through your home buying process.  You can also visit my YouTube Channel for a series of videos about how to go about buying your next home.