In May, the Austin-Round Rock-Georgetown MSA saw a 12.8% decline in closed listings with 4.9 months of available inventory, a level that hasn’t been seen in 13 years according to the latest Central Texas Housing Report released by Unlock MLS. Meanwhile, active listings ticked up 37.7% year-over-year. Because of this increase in available options, buyers have the power to be more selective when purchasing a home.
Clare Losey, Ph.D., housing economist for Unlock MLS and the Austin Board of REALTORS®, provided insight into what this data means for buyers and sellers.
“This data demonstrates that buyers can continue to be more selective when searching for a home in their price range. Although it may appear to be a buyer's market from the outside, it’s important to understand the context behind these statistics, including higher interest rates resulting in a reduction in purchasing power. This market does not offer a clear advantage to either buyers or sellers.”
Kent Redding, 2024 Unlock MLS and ABoR president, elaborated on the importance of working with a REALTOR® to ensure the best possible guidance in navigating this complicated housing market.
“Since the market is no longer as straightforward as it once was, it's imperative to work with a REALTOR® to navigate current conditions. Working with a professional who understands the nuances of the market can help sellers list their homes at prices that are in line with the market while helping buyers understand how to find the best possible housing options in their price range.”
