In April, closed listings across the Austin-Round Rock-Georgetown MSA increased 5.9% to 2,708 sales, the highest year-over-year increase in residential homes sold this year, while the median home price rose 1.1% to $469,998. The data demonstrates that there is a collective sense of confidence and optimism in the housing market among both homebuyers and sellers according to the latest Central Texas Housing Report released by Unlock MLS.
Clare Losey, Ph.D., housing economist for Unlock MLS and the Austin Board of REALTORS®, provided insight into the sales growth across the MSA and what’s to come regarding interest rates.
“The MSA experienced an increase in sales, indicating more opportunity in the market for all buyers. Despite the higher rate environment, the uptick in affordable inventory in the $300,000 range is allowing more first-time buyers to achieve homeownership. As we progress through the year, mortgage rates are expected to remain elevated with a slight possibility of a gradual decrease, which would result in an increase in buyers’ purchasing power.”
Kent Redding, 2024 Unlock MLS and ABoR president, noted that there is still significant work to be done to address Austin’s affordability issue.
“While we are excited to see more housing options emerge for buyers across the MSA, more work still needs to be done to create opportunities for homeownership within the city of Austin, particularly for first-time buyers, teachers, first responders and others who are finding it difficult to afford a home here. Our community needs to come together to advocate for housing reforms that allow for more types of housing across the city so that Austin’s future is one where everyone can afford to call the city home.”
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