AUSTIN (KXAN) – Job growth and declining mortgage rates led to a “demand-driven housing market” in March in the Austin-Round Rock Metro Area, according to the Austin Board of Realtors latest Central Texas Housing Report released Tuesday.
ABoR said an increase in new and active listings shows favorable market conditions for buyers and sellers.
“This spring has ushered in a sweet spot for both buyers and sellers,” Ashley Jackson, 2023 ABoR president, said Tuesday in the release. “There are three times the number of homes on the market than a year ago, bringing more choice and opportunity to homebuyers in over a decade. REALTORS® are reporting that they are busy and the market is moving at a much healthier pace than it has in years. If sellers work with a REALTOR® to price and market their home correctly, it’s going to sell.”
“Austin’s housing market is still demand driven, contributing over $1.5B to our region’s economy last month even as the pace of home sales and price growth adjusts from the extreme anomaly of the last two years. The increase of new listings in March, specifically month over month, indicates rising seller confidence, and the recent decline in mortgage rates provided momentum for homebuyers. Mortgage rates are projected to remain consistent for the rest of the year, making now a great time to make a move,” said ABoR housing economist Dr. Clare Losey in the release.
“Recently announced layoffs have not been enough to indicate a downturn in Austin’s job market or impact housing demand. In fact, Travis County’s job market is projected to grow at nearly double the pace of job growth statewide over the next decade, with the leisure and hospitality sector leading that growth,” Losey said.
Here are some statistics from ABoR’s March 2023 report compared with March 2022:
- Median Sales Price dropped 13%
- Closed Sales dropped 14%
- Average Days on the Market rose 58 days to 80 Days
- New Listings rose 6%
- Active Listings rose 377%
- Pending Sales rose 7%
- Total Sales Dollar Volume dropped 24%