August 2023 Market Update
“Austin’s current housing market allows for potential home buyers to be picky,”
- Ashley Jackson, 2023 ABoR President
With growing housing inventory in Central Texas, especially for first-time buyers, now is the perfect time to enjoy a less competitive home search and leverage buyer advantages.
In August, despite higher interest rates, home sales increased, reflecting buyer confidence in real estate investment. However, the shortage of affordable homes remains a concern. Austin's steep development fees hinder new construction, and higher mortgage rates have led potential sellers to wait, reducing the supply of homes for sale.
As interest rates are anticipated to change by year-end, Clare Losey PhD., housing economist for ABoR recommends that both buyers and sellers stay informed about market factors to make informed decisions with the help of your REALTOR® is your best option.