AUSTIN-ROUND ROCK MSA HOUSING MARKET DEMONSTRATES RESILIENCE DESPITE HIGH INTEREST RATES

"We now have a direct year-over-year comparison of when our market began stabilizing, and the big fluctuations we’ve previously seen have started to even out. ".

Ashley Jackson, 2023 ABoR president

According to the Austin Board of REALTORS® July 2023 Central Texas Housing Market Report, closed listings increased 0.6% year-over-year to 2,815 closed sales across the Austin- Round Rock MSA. When considering July 2022 is when the market initially began to stabilize, and when combined with pending sales rising 14.5% to 2,892 pending sales, the housing market is poised for a strong finish to 2023.

“July’s housing market activity underscores the resiliency within the MSA’s market,” Ashley Jackson, 2023 ABoR president, said. “We now have a direct year-over-year comparison of when our market began stabilizing, and the big fluctuations we’ve previously seen have started to even out. Potential buyers who have been on the fence about purchasing a home should know interest rates are settling, and now is the time to act. Working with an experienced REALTOR® is the best thing you can do because they can help you make quick and confident decisions.”

Clare Losey, Ph.D., housing economist for ABoR said, “With a rise in pending sales and closed sales remaining consistent, this further indicates that buyers are becoming more accustomed to the higher interest rate environment and understand that elevated mortgage rates may continue. We are seeing a year-over-year decline in median sales prices, as buyers cannot afford the same price points with these higher rates. Looking ahead, the odds of Central Texas experiencing a recession continue to decline with each passing month. Despite mortgage rates rising, Austin’s economy–which is fueled by a strong labor market– continues to outperform national expectations.”