According to the June and Mid-Year 2024 Central Texas Housing Report, active home listings in June increased 25.9% to 13,227 listings. This increase, coupled with the rise in mortgage rates in late April and early May to 7.2%, means that median sales price declined to $450,000 in June (down 6.3% year over year) and buyers can work with the highest level of inventory (5.0 months of inventory) in the MSA since 2011.

Clare Knapp, Ph.D., housing economist for Unlock MLS and the Austin Board of REALTORS®, provides a few more insights.

Closed sales have come down more than the Median Sales price, this is due to sellers remaining resolute in their price point. Add on affordability constraints for moderate-income buyers and a surge in active listings, which means that buyers are very selective when purchasing a home.

The market will continue to find its footing in the coming months, and with the addition of NAR changes taking effect in mid August both buyers and sellers will need to remain nimble.

ABoR president Kent Redding stressed key actions to be successful in today’s market.

“For the remainder of the year, both buyers and sellers need to adjust the way they navigate the market. Homes are selling at 96.4% of original list price, but the homes that are selling are moving because they are showing well and priced appropriately. Price and presentation are the top two critical components to a successful sale, whereas time on the market can be a big detractor. For buyers, now is the time to expand your options and make competitive offers in this high-inventory environment. Ensure your REALTOR® is in lockstep with your motivations and goals so that you can confidently make bold decisions that maximize the opportunity present in the market.”

To see homes in the $450,000 price range click here.

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The National Association of Realtors - Lawsuit update.

While changes go into effect on August 17th this year, the Austin Board of Realtors has decided to implement the changes on August 13th. We have made a cheat sheet with FAQ’s on what the new process is and what it means for you as a buyer or seller. Please visit our blog for more information and always reach out to us if you have any additional questions.

It is going to be a confusing few months until the market figures out how to work with the new regulations. We are here to help!