According to the June and Mid-Year 2024 Central Texas Housing Report released by Unlock MLS, active home listings in June increased 25.9% to 13,227 listings. This increase, coupled with the rise in mortgage rates in late April and early May to 7.2%, induced a decline of 6.3% to the median sales price of $450,000 in June, providing buyers with the highest level of inventory, 5.0 months of inventory, in the MSA since 2011.
Clare Knapp, Ph.D., housing economist for Unlock MLS and the Austin Board of REALTORS®, pointed to buyer and seller tendencies and their effect on the market.
“In June, and the first half of the year, we’ve seen sellers remain resolute in their price point, a main factor behind the decline in sales of 13.4%. For buyers, the recent surge in active listings, plus affordability constraints for moderate-income buyers, means that they are choosing to be more selective when purchasing a home. The market will continue to find its footing in the latter half of the year, proving that both buyers and sellers will need to remain nimble and work closely with their REALTOR® to find and negotiate their best option.”
Kent Redding, 2024 ABoR and Unlock MLS president, stressed key actions to be successful in today’s market.
“For the remainder of the year, both buyers and sellers need to adjust the way they navigate the market. Homes are selling at 96.4% of original list price, but the homes that are selling are moving because they are showing well and priced appropriately. Price and presentation are the top two critical components to a successful sale, whereas time on the market can be a big detractor. For buyers, now is the time to expand your options and make competitive offers in this high-inventory environment. Ensure your REALTOR® is in lockstep with your motivations and goals so that you can confidently make bold decisions that maximize the opportunity present in the market.”
Read the full, original article here.
