Market Data

October 2018 Market Report

Fall 2018 is off to a busy start! The median price for the Austin area in October is $308,355. Last October the median sale price was $286,742, which shows a 7.5% increase year over year. More homes sold this October than last, and homes are staying on market as long as they were last October, around 55 days.

Inventory of total available homes is sitting at 3 months. A balanced market should have 6 months of inventory, so we’re still in a seller’s market. Buyers can likely expect higher competition due to the inventory shortage, while sellers can expect to encounter a larger pool of buyers.

October 18, 2018

Buy | Resources | Sell

Interest Rates are Rising – What it Means for You

If you’re someone who reads the paper or watches the news, you’ve probably heard about Fed hikes and interest rates. If those terms don’t ring a bell, no worries! Here’s what you need to know:

1. The Federal Reserve raised interest rates at the end of September for the third time this year.

2. As a result of the rate hike, the 30-year fixed mortgage rate jumped to 4.88%, the highest it’s been since 2011.

3. Interest rates are still historically low, but those looking to buy should think about locking in a rate soon. Financial institutions are predicting rates of 5% or higher by the end of 2019.

4. Rising interest rates means sellers may need to adjust their expectations on sale prices as buyer’s budgets decrease to compensate.

If you have questions on buying or selling a home, how interest rates affect you, or want to learn more about housing in Austin, please reach out!

Market Data

September 2018 Market Report

Prices in the Austin area rose in September, with a median price of $302,250. Last September the median sale price was $291,464, which shows a 3.7% increase year over year. There was a drop in the number of homes sold in September, which is common during the back to school season. Homes are staying on market as long as they were last September, around 53 days.

Inventory of total available homes is sitting at 3 months. A balanced market should have 6 months of inventory, so we’re still in a seller’s market. Buyers can likely expect higher competition due to the inventory shortage, while sellers can expect to encounter a larger pool of buyers.

September to September

 

October 17, 2018