Here are the August/2023 MLS single-family statistics for Austin, TX:
We are down to only 1 dark red (ie-10%+ negative) category with our August home sales statistics for the Austin metro area. Compare that to 2 in July, 6 in June, 7 in May and you can clearly see that we are slowly, very slowly returning to a more normal market after our sharp drop off that began in May/June of 2022 when mortgage rates shot up and killed our 48-month old Covid-19 market frenzy. In addition, we’ve seen our first green categories (ie-positive) over the past 3 months. I expect this slow recovery to continue through the fall/winter months due in part to our still-low inventory of homes. I also believe we will begin to see a more traditional, normal Austin homes sales market next spring…like we used to have pre-Covid-19.
The consensus among most Austin area Realtors is that our slow recovery is due to home buyers that are just waiting to buy until mortgage interest rates return to the “normal” range of 3-4% like we’ve had for over 10 years. I’m here to tell you future Austin home buyers that believe this that the REAL normal for home mortgage rates is 7.80% we’ve averaged over the past 51 years! (current rates are 7.18% as of 9/14/2023). As you can see from the chart below, the past 11 years have been an aberration, NOT the norm! So, my suggestion to you is “buy the home and date the rate” which means buy a home if you need/want one now at current rates and, if rates go down some in the future as you think they might, just refinance your mortgage on the home you buy now.
(512) 853-0110 or robert@AustinTxHomeSales.com
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