Is Austin's Housing Bubble About to Burst? | Spyglass Realty
Posted by Ryan Rodenbeck on
There’s news of a slowdown and talk of a recession, but the real data shows something completely different.
In the month of April, the Austin median home value was $550,000 up by 19% from $460,000 in April of 2021. Active listings went up by 52%, the biggest gain in inventory since 2017, and days on market increased to 18 days.
While inventory is increasing, so are pending sales. Let’s talk about what’s driving the slow in demand, and the increase in inventory.
Number one, mortgage rates are higher. Rates are up 2 full percentage points since December of 2021. This is a substantial increase in mortgage rates and makes homes less affordable. The second reason is the values have gone up and consumers that were at the lower end of the market…
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