Market Conditions Begin to Favor Buyers
Home price deceleration continues as rates rise. The scales are tipping as market conditions begin to favor buyers in Austin.
Whether you are a current or prospective homeowner or renter, and regardless if you are considering buying or selling, it is important to know how the current state of the market impacts your daily decisions while living in Austin.
We understand the importance of providing you with a transparent outlook on the health of the local market so that you can make informed real estate-related decisions. Our monthly blog is here to provide you with the data to create clarity. Email us with the questions on your mind to include in a future newsletter article.
August 2022 Austin Housing Market Statistics
After a summer of ups and downs, the fixed rate on a 30-year mortgage has surpassed 6% for the first time since 2008, and the Fed continues to be aggressive in raising rates to fight inflation.
While we are still technically in a seller’s market, the scales are already tipping in favor of buyers. What this means for you:
- Homes are selling at or just below asking price on average
- Average home sale prices have been decreasing since June
- Available home inventory has increased 170% year over year
- Sellers are accepting more buyer-friendly terms, including contingencies
- Builders now have inventory and are negotiating with buyers
As a result, some buyers are now taking advantage of alternative financing and down payment assistance programs to get lower monthly payments. Meanwhile, sellers are beginning to have more realistic expectations about their home’s value. So what’s in store for our local market as we head into the fall? Continue reading our blog below to learn more.