The decline in home prices throughout our region over the past year has been a relief, making it easier to handle the affordability challenge posed by higher rates. Central Texas still needs more inventory, especially at price points that are affordable to first-time buyers.
Home prices are still higher compared to incomes, It's tough for New Homebuyers trying to enter the Market, however the market remains active, right now pending sales are up by 19% Year over Year, while last month they were down by -1% so that's a nice 20% swing in activity even though New listings are down -23%.
The total active listings are still up over last June by 38%. The days on the Market also point to more activity at 61 days vs 65 last month, but still 3 weeks longer than last June.
All in all, prices are continuing to rise since bottoming out in February, and days on the Market are falling every month, with high-interest rates indicating there is so much demand out there that when rates do start coming down the Market will be flooded with Buyers, and with little inventory that will mean prices will feel extra upwards pressure.
|