Austin Housing Market November. Generally defined, the housing market is what reflects everything that is happening in other cities around the country. Despite the fact that activity seems to have slightly decreased in recent months, the home prices in the city of Austin continue to increase. This is something that is excellent news for buyers and it also indicates that the Austin housing market remains strong. This is due to the fact that homes are continuing to sell for amounts close to the asking price.
According to current trends, there is a slowing growth rate in terms of sales that indicates stabilization of the market; however, overall demand continues to outpace the supply. Because of this, home prices in Austin continue to skyrocket, with buyers suffering the most of the burden.
What Exactly is Happening?
According to an August report released by the Austin Board of REALTORS, the Austin – Round Rock MSA market resumed its trend, which involves normalization, for the third straight month, which is boosted by a much more sustainable rate of price increases, as well as an increase in available inventory. The price rise during this particular month further indicated a normalization of overall home price appreciation that, according to economists, is consistent with more historical norms.
Housing Market Trends
According to additional data released by the Austin Board of REALTORS, home sales in Travis County decreased by approximately 28.9% to a total of 1,361 sales and that overall sales dollar volume also decreased 18.7% to $1,017,967,018. During the month of August, Travis County’s median home price increased approximately 8.6% year over year to a total of $570,000 while newer listings decreased 10.9% to a total of 1,885 listings. Meanwhile, active listings increased an astonishing 139.8% to a total of 4,096 listings year over year, while pending sales decreased 27.3% to a total of 1,326 listings.
Austin Housing Market November. This latest quarter shows that the appreciation rate in Austin has stayed at 2.94%, annualizing it to a rate of approximately 12.27%. When looking at these statistics, it can be deduced that home prices in Austin will end up increasing throughout the month of November, as well as over the next year. When it comes to long-term investment, doing this not only will build your equity, but it will also generate cash flow via rental income.
