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Hi Austin Texas, it is time for your housing market update for the week of September 19th, 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 9798 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 962 new listings that came to the market up in the week prior.
- There are 2034 home price decreases. (285 more houses had price decreases vs last week)
- There are 109 home price increases up from 59 last week which tells me Sellers are starting to understand the effects of mortgage rates and economic forecast.
- There are 259 properties that fell out of contract now back to the market that is / slightly up from the previous week.
- There are 454 properties that went Under Contract.
- There are 472 Pending properties for Sale.
- When we add up the “Under Contract” and “Pending” 926 homes are currently in the process of being purchased.
- We saw 737 homes Sold which is up from the previous week (186 more).
- 259 were withdrawn which means they are no longer for sale.
- 50 homes had listings that expired (barely down from last week when 58 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.
- 135 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.
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.
Bank of America’s New Community Affordable Loan Solution™ Program
The Bank of America rolled out the Community Affordable Loan Solution™ designed to expand home ownership opportunities for Black/African American and Hispanic-Latino Communities a few weeks ago. While I’ve been in several conversations about this program behind closed doors, this is the first time I’m speaking publicly about this new test program.
Bank of America is not the only bank with this type of program designed to help minorities by offer lending with no money down, no PMI, and no closing costs. There are strict eligibility requirements in a few test markets.
This program is not available in Austin. I believe that there is an air of predatory lending which I’ll discuss at another time. That said, they may help some very deserving families who could not otherwise realize the American dream of home lending. And, for those families, I am over the moon thrilled by that opportunity. I know great Realtors in the various markets who are heart-centered and can help get folks to Lenders who can give their advice (and do not work for Bank of America).
Please comment below with your thoughts and questions about the Austin Texas housing market, the economy, the Bank of America New Community Affordable Loan Solution™ Program and more. We would love to hear from you!
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!