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Hi Austin Texas, it is time for your housing market update for the week of September 5th, 2022.
Welcome to the Austin Weekly Market Report 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 9616 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 991 new listings that came to the market up in the week prior.
- There are 1863 home price decreases. (64 less houses had price decreases vs last week)
- There are 133 home price increases down from 178 last week which tells me Sellers are starting to understand the effects of mortgage rates and economic forecast.
- There are 237 properties that fell out of contract now back to the market that is / barely down from the previous week.
- There are 483 properties that went Under Contract.
- There are 490 Pending properties for Sale.
- When we add up the “Under Contract” and “Pending” 973 homes are currently in the process of being purchased.
- We saw 948 homes Sold which is up from the previous week (20 more).
- 229 were withdrawn which means they are no longer for sale.
- 197 homes had listings that expired (up from last week when 34 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.
- 146 Homes are now on hold. (flat/almost the same homes on hold vs last week).
Employment Rates Nationally VS Employment Rates Austin
Came out on Friday as we headed into the Labor Day Weekend… impact? Part-time vs Full-time employment numbers are the key to understanding the “headlines”.
The Power Is Knowing Your Lending Options Before We Are Buying You A Home
Your REALTOR® will negotiate great terms for YOU. Whether You’re a Buyer or Seller Your Most Valuable Asset is a great Real Estate Agent and Lender – the power of the two is a one-two punch you don’t want to miss.
2:1 Temporary Buydown Strategy
This is a mortgage strategy that requires a paydown at closing and a variable payment structure during the first few years of the mortgage.
What Does This Market Mean If You’re a Buyer?
Austin is a Sellers market and will continue to be for the foreseeable future. It means we have more Buyers than Sellers (still). And, until we see 6 months of inventory (hint: we’re not even half way there yet) we will continue to negotiate our way to the best possible opportunity for our clients.
People who have rented for the past ten years have (lost) not realized hundreds of thousands of dollars in equity. It’s time to get in the market if you can and stop paying rent. Download my Buyer’s Guide.
Waiting on Housing Prices to Come Down?
Our home prices and values are higher than they were a year ago. We are anticipating that home values continue to rise throughout this year.
Let us end with this about the Austin Texas housing market. There are opportunities for buying and selling in every market.
I’m here to serve and answer questions you may have. You can wait. We have pent up Buyer demand that is not going away. Next week we’ll have another Austin housing market report update for 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
PS Please comment below with your thoughts and questions about the Austin Texas housing market, the economy and what you’re experiencing.