BUYERS WILLING TO ENTER THE MARKET DESPITE HIGHER INTEREST RATES

“An increase in sales and a jump in pending sales indicates buyers continue to enter the market and are finding more bargaining power throughout the transaction.”

Ashley Jackson, 2023 ABoR president

AUSTIN, TX — The median home price across the Austin-Round Rock MSA dropped 7.5% to $435,000 in October, according to the Austin Board of REALTORS® October 2023 Central Texas Housing Market Report. The market experienced an increase in residential homes sold across the MSA, which rose 4.1% to 2,337 total sales demonstrating that buyers are finding value in the market despite higher interest rates.

Ashley Jackson, 2023 ABoR president, said. “The market is still normalizing, and as we look to the end of the year, it’s important to remember that working with a REALTOR® who can share their expertise and help buyers and sellers alike, is the surest path to success in this market.”

Clare Losey, Ph.D., housing economist for ABoR, noted that the decrease in median sales price year over year pales in comparison to the equity gained over a longer period of time.
“The median price is still 44% higher than it was in September 2018. Homeownership is still the best way to create generational wealth, and the region would benefit from reforms and policies that make homes more attainable and buying more accessible for people across different income levels.”