Austin Market Report Week of November 21st, 2022

Hi Austin Texas, it is time for your housing market update for the week of November 21st, 2022.

Our first week in months to have less than 10,000 homes for sale!

We saw more price increases last week than previous weeks.

What’s happening with our Austin homes For Sale  and where are those price decreases really occurring?

Austin Price Drops At A Glance

We experienced some stability with home prices in one sector.

Home that had price drops this past week

<$500,000                                   675 houses
$500,000-$999,999                  558 houses

$1,000,000-$1,999,999               78 houses
$2,000,000+                                  24 houses

Less homes in total saw price decreases last week and more homes went under contract than in past weeks!

We also saw more price increases in the past week than we have in previous weeks!

Mortgages 101

I love that my Home Buyers get educated with how lending rates may be utilized in various ways… before we go out to purchase them a hom. Today, we’re going over high-level considerations for various mortgage types including:

1. The Mortgage Rate you qualify for
2. What’s a Mortgage Rate Buy Down?
3. You can pay a higher Mortgage Rate with your Lender paying (some) closing costs
4. Why a Permanent Mortgage Buy Down is arbitrary
5. Temporary Mortgage Buy Down – what it is and when you would use it

The Austin Housing Market Numbers At A Glance

• As of Monday morning there were 9,949 homes for sale in Austin Texas. Let’s get in the numbers and the housing market conditions because the media around the globe is having a field day creating story and boosting their ad revenues.
• There are 749 new listings that came to the market up in the week prior.
• There are 1394 home price decreases (295 less houses had price decreases vs last week).
• There are 151 home price increases up from 118 last week which tells me Sellers are starting to understand the effects of mortgage rates and economic forecast.
• There are 154 properties that fell out of contract now back to the market that is down from the previous week.
• There are 358 properties that went Under Contract.
• There are 424 Pending properties for Sale.
• When we add up the “Under Contract” and “Pending”  782 homes are currently in the process of being purchased. 
• We saw 604 homes Sold which is up from the previous week (82 more).
• 282 were withdrawn which means they are no longer for sale.
• 70 homes had listings that expired (up from last week when 55 home listings expired). Expired means that the house was for sale for a specific period and that it did not sell. It is currently off the MLS. This tells us that Sellers and their Agents who are not following the market closely did not adjust for the market.
• 127 Homes are now on hold. (up for homes on hold vs last week).

Tune in for more!

Have questions? We’d love to hear from you!

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I’m Jennifer S. Goodman  Living in Austin Texas.  And, whether you’re thinking about moving in 7 days, 7 weeks or 7 months, I’d love the opportunity to help you make your next best move.

Mark Karetskiy is a Mortgage Lender at Movement Mortgage. You can find him at Mark10k.com.

Thanks so much for tuning in, we’ll catch you next time!