Austin Market Report Week of October 3rd, 2022

Hi Austin Texas, it is time for your housing market update for the week of October 3rd, 2022.

Welcome to the Austin Weekly Market Update where we’re going to dive deep into the Housing market –  right now in Austin 60% of all homes for sale are $500,000- $1,000,000 and while we are seeing many home prices decrease, our home values are still well above last year at this time. Let’s dive into the numbers!

austin market report stats Highlights Include:

• As of Monday morning there were 9979 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 993 new listings that came to the market up in the week prior.
• There are 2221 home price decreases. (139 more houses had price decreases vs last week)
• There are 110 home price increases down from 117 last week which tells me Sellers are starting to understand the effects of mortgage rates and economic forecast.
• There are 236 properties that fell out of contract now back to the market that is down from the previous week.
• There are 409 properties that went Under Contract. 
• There are 461 Pending properties for Sale.
• When we add up the “Under Contract” and “Pending”  870  homes are currently in the process of being purchased.
• We saw 981 homes Sold which is down from the previous week (307 more).
• 279 were withdrawn which means they are no longer for sale.
• 231 homes had listings that expired (up from last week when 45 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.
• 123 Homes are now on hold. (slightly up for homes on hold vs last week).

Rates Are Hovering Above 6% – Good News Bad News

Institutional Buyers are sitting out which leaves room for people like you and me to buy single family residences for our primary home, vacation or rental properties. It also means there’s less competition for multi-family units if you’re looking to purchase these types of homes.

What Does This Austin Texas Housing Market Mean If You’re a Buyer?

Demand continues for Austin homes – people may not be buying homes on Day 1. However, well priced homes are selling. And, the values remain above the prices we saw last year at this time.

A Seller’s Market means that there is less than 6 months of homes (inventory) for sale.  

Download my Buyer’s Guide.

Housing Prices In Austin Are Not Crashing

Builders are lowering their prices. Homes that were listed for sale at aspirational prices are seeing home price reductions.

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!