Leasing Market Trends: A Detailed Analysis of Seasonal Shifts and Price Changes The leasing market over the past two years has shown significant changes in activity levels and rental prices, highlighting clear seasonal trends and shifts influenced by broader economic factors. By examining the <a href="https://teamprice.com/market-cycle-lease">Austin Lease Market Cycle</a> data from December 2022 to December 2024, patterns emerge that help understand how leasing demand and prices fluctuate throughout the year. <div class="se-component se-image-container __se__float-none"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241220114616.png" alt="" width="" height="" style=""></figure></div> In December 2022, the number of leased properties stood at 1,692, with an average leased price of $2,413 and a median leased price of $2,200. Leasing activity saw a steady rise into January 2023, with 1,885 properties leased, representing an 11.4% increase from the previous month. During this period, average leased prices increased to $2,472, showing a $59 rise. The median leased price remained stable at $2,200. This upward trend continued in February 2023, despite a slight dip in leasing activity to 1,845 properties, a 2.1% month-over-month decrease. March 2023 saw a substantial jump in leasing activity, reaching 2,156 properties leased, a 16.9% increase compared to February. Prices remained relatively flat, with the average leased price at $2,460 and the median price holding at $2,250. The market maintained strong demand into April 2023, with 2,275 properties leased and average prices increasing to $2,510. This growth persisted into May and June 2023, where leasing numbers peaked at 3,165 in June, marking a 16.9% month-over-month increase. Average leased prices during June reached $2,547, the highest in the first half of 2023. The summer months continued to see strong leasing demand, with July 2023 recording 3,201 leased properties. However, prices began to decline slightly, with the average leased price falling to $2,520. August 2023 marked the beginning of a downward trend in leasing activity, with a 9.3% drop, bringing the total to 2,904 properties. Average prices also fell to $2,476. This decline continued into September 2023, with leasing activity dropping to 2,419 properties, a significant 16.7% decrease from August. Prices dipped to $2,442, while the median price fell to $2,200. The market saw further reductions in October and November 2023, with leased properties totaling 2,210 and 2,025, respectively. By December 2023, leasing activity reached a low point of 1,896 properties, reflecting a 6.4% decrease from the previous month. The average leased price stood at $2,379, a slight recovery of $15 from November, while the median leased price dropped to $2,150. In January 2024, the market stabilized with 1,900 properties leased, showing a minimal 0.2% increase from December. Average prices held steady at $2,379, while the median price rose slightly to $2,195. February 2024 saw leasing activity jump to 2,173 properties, a 14.4% increase, reflecting the seasonal trend of higher demand early in the year. Prices also rose to an average of $2,427, although the median price declined to $2,195. Leasing demand remained strong in March and April 2024, with 2,315 and 2,490 properties leased, respectively. The average leased price in April increased to $2,478, consistent with seasonal growth patterns. May 2024 continued this trend, with 2,750 properties leased and average prices climbing to $2,520. June 2024 mirrored the previous year’s peak, with 3,053 properties leased and an average price of $2,509. However, the market began to show signs of slowing down in the second half of 2024. By July 2024, leasing activity increased only slightly to 3,244 properties, while the average leased price fell to $2,469. August 2024 saw a drop in leasing to 3,076 properties, a 5.2% decline, and average prices dipped to $2,364. This trend continued through September 2024, with leasing activity falling sharply to 2,437 properties, a 20.8% decrease. Prices also dropped to $2,296. The final months of 2024 reflected a continued slowdown in leasing demand. October 2024 recorded 2,327 leased properties, a modest improvement from September, but average prices remained low at $2,311. By November, leasing numbers fell to 2,103, with prices averaging $2,304. December 2024 closed the year with 1,990 properties leased and an average leased price of $2,335. These data points illustrate the clear seasonal patterns in leasing demand, with peaks occurring in the summer months and dips during the winter. Average and median leased prices followed these trends closely, reflecting the balance between supply and demand. While prices remained relatively stable, the slight declines towards the end of 2024 suggest a market adjusting to broader economic conditions or increased rental supply. Understanding these trends helps both renters and property owners make informed decisions based on the time of year and current market conditions​

Detailed leasing market trends from 2022 to 2024. Understand how seasonal changes impact rental prices and demand, with insights backed by data to help renters and property owners make informed decisions

Austin Leasing Market Trends: Detailed 2022-2024 Analysis of Prices and Demand

Austin Housing Market Update: November 2024 Sees Decline in Inventory Levels The Austin housing market has experienced notable fluctuations in inventory levels over the past two decades, with recent data indicating a significant decrease as of November 2024. <a href="https://teamprice.com/real-estate-glossary/months-of-inventory">Months of Inventory (MOI)</a> is a key metric used to assess the balance between housing supply and demand. It represents the number of months it would take to sell all current listings at the prevailing sales pace, assuming no new properties enter the market. This measure helps categorize the market into seller's, neutral, or buyer's markets. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241127012813.png" alt="" width="" height="" style=""></figure></div> Historically, Austin's MOI has varied in response to economic conditions and market dynamics. Between 2005 and 2007, the MOI averaged around 4 to 5 months, indicating a balanced to seller's market. For instance, in January 2005, the MOI was 4.3 months, suggesting a seller's market. This trend continued through 2007, with January recording 3.7 months of inventory. The global financial crisis of 2008 led to a sharp increase in MOI, reflecting a shift toward a buyer's market. By May 2009, the MOI peaked at 7 months, highlighting an oversupply relative to demand. This period was characterized by economic uncertainty and reduced buyer activity. Recovery began in the early 2010s, with MOI gradually declining. By 2012, the MOI consistently fell below 5 months, returning the market to seller-favorable conditions. In January 2013, the MOI was at 2.6 months, indicating high demand and limited supply. This trend persisted through 2014 and 2015, with June 2015 recording an MOI of 4.3 months, maintaining a stable seller's market. The period from 2020 to 2022 marked historic lows in MOI, driven by unprecedented demand, low interest rates, and constrained supply. In January 2021, the MOI dropped to an extraordinary 0.8 months, signaling one of the most competitive seller's markets in recent history. This trend continued throughout 2021, with MOI remaining below 2 months for most of the year. In 2023, the market began to shift, with MOI increasing. By March 2023, the MOI rose to 3.7 months, indicating a transition toward more balanced conditions. As of November 2024, the market has experienced a notable decrease in inventory levels. The MOI has fallen to 4.7 months, down from 5.1 months in October 2024. This decline suggests a tightening market, with reduced supply relative to demand. Seasonal trends also influence MOI fluctuations. Typically, MOI rises during the summer months, peaking in May or June, and declines in the winter. For example, in December 2015, the MOI was at 3.3 months, while by June 2016, it had increased to 4.6 months. These patterns are consistent throughout the data set, reflecting the cyclical nature of real estate activity. Understanding MOI trends is essential for buyers, sellers, and industry professionals. This metric provides valuable insights into market competitiveness and aids in strategic decision-making. Whether navigating a low-inventory seller's market or preparing for a buyer's market with abundant supply, MOI remains a cornerstone for assessing market conditions.&nbsp;

Latest developments in the Austin housing market as of November 2024, highlighting a significant decrease in inventory levels. Understand how Months of Inventory (MOI) reflects current market conditions and what this means for buyers and sellers

Austin Housing Market Update: November 2024 Inventory Levels Decline

Austin MLS Reports 10,733 Withdrawn &amp; Expired Listings by October 2024: What It Means The real estate market in the Austin area is seeing significant changes in 2024, particularly when it comes to properties that have been withdrawn or expired from the Multiple Listing Service (MLS). Between January and October 10, 2024, the cumulative total of withdrawn and expired listings has reached an impressive 10,733, marking a notable increase of 5.7% compared to the same period last year. This figure is anticipated to grow as more listings are added for the rest of October, with an expected rise of at least another 500 listings before the month ends. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241010103847.png" alt="" width="" height="" style=""></figure></div> This trend reveals a growing challenge in the Austin real estate market, especially as it stands 7.9% above the historical average for withdrawn and expired listings. Withdrawn listings occur when a seller or listing broker decides to remove a property from the MLS. While the listing agreement may still be active, the property is withdrawn from public viewing, or the agreement might be prematurely ended. An expired listing, on the other hand, happens when the listing agreement has reached its term without the property selling, signaling that it didn’t find a buyer within the specified timeframe. The 2024 numbers also represent a significant threefold increase in withdrawn and expired listings since 2021. This change is likely a reflection of broader shifts in market conditions, such as rising interest rates and evolving buyer behaviors that have impacted overall demand and affordability. Sellers in the Austin area may be finding it more challenging to attract buyers, potentially prompting a higher number of properties to be removed from the market or left unsold as listing agreements expire. These elevated levels of withdrawn and expired listings suggest a growing unease among sellers, as properties are staying on the market longer or are unable to attract buyers. This situation could be signaling a shift towards a more balanced or even cooling market, compared to the rapid growth seen in previous years. For those watching the Austin real estate market, these trends indicate that the conditions are becoming less favorable for sellers, with an increasing number of properties not reaching a successful sale. As October progresses, it will be essential to keep an eye on how these numbers evolve. Given the current pace, it is plausible that withdrawn and expired listings will continue to climb. For buyers, this trend could potentially create more opportunities as sellers reassess their listing strategies, while sellers may need to adjust their expectations in response to a shifting market landscape. The data from 2024 provides a clear picture of the evolving real estate dynamics in Austin and offers valuable insights for anyone involved in the market.&nbsp;​

Explore the latest data on Austin's real estate market, where withdrawn and expired listings have surged to 10,733 by October 2024. This article examines the causes and implications for buyers and sellers, as listings are up 5.7% year-over-year, marking a threefold increase since 2021. Find out what this means for Austin’s market outlook

Why Withdrawn and Expired Listings Are Rising in Austin: October 2024 Update

How Mortgage Rates and Home Prices Are Improving&nbsp;&nbsp;<a href="https://teamprice.com/affordability">Affordability in Austin</a> September 19, 2024 : The housing market in the Austin area has seen some relief for homebuyers in 2024, thanks to a combination of decreasing home prices and improved mortgage rates. According to the latest data from Team Price Real Estate, the Monthly Mortgage Payment (PITI) — which includes principal, interest, taxes, and insurance — has dropped to $3,161 in September 2024. This figure is calculated using the median sold price for that month with a 20% down payment and the 30-year mortgage rate. This is a significant improvement compared to the previous years, offering more <a href="https://teamprice.com/affordability">affordability</a>&nbsp;for potential buyers in the region. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240919022832.png" alt="" width="" height="" style=""></figure></div> The Austin real estate market has been turbulent over the last few years, with 2022 marking a particularly challenging time for homebuyers. During that year, monthly mortgage payments peaked in May at $3,767, and the average payment for the entire year was $3,476. This surge was driven by a combination of high property prices and rising mortgage rates, which made it increasingly difficult for buyers to afford homes in the area. In 2023, there were some fluctuations in the monthly mortgage payments, ranging from $3,207 in February to $3,617 in June. The average mortgage payment for that year was $3,443, which still reflected elevated prices, but with some signs of stabilization in the market. By the beginning of 2024, the data shows a further improvement. In January 2024, the monthly mortgage payment stood at $3,244, and by September 2024, it had declined to $3,161. This decline represents the ongoing efforts to balance out the supply and demand in the Austin real estate market, with home prices dropping and mortgage rates slightly easing. In particular, the improved mortgage rates in 2024 have played a major role in helping homebuyers. While interest rates remain higher than the historic lows seen in 2020 and early 2021, they have dropped from the peak levels of 2022. This means that buyers are now able to secure slightly better mortgage rates, which directly impacts their monthly payments. Coupled with lower home prices, this has provided significant relief, making homeownership more achievable for a wider range of buyers. Looking back, the trends in the Austin housing market highlight the dramatic shifts in <a href="https://teamprice.com/affordability">affordability</a>. For example, in 2021, the monthly mortgage payment started at $2,087 in January and rose throughout the year, peaking at $2,782 in December. This upward trend continued in 2022, with the monthly payment reaching an all-time high of $3,767 in May before gradually easing toward the end of the year. In 2023, the market saw more stable conditions, though the monthly payments still remained above $3,200 for most of the year. The improvements in 2024 have been more pronounced, offering a break for potential buyers who may have been priced out of the market in the previous years. The September 2024 figure of $3,161 is not only lower than the peak levels of 2022 but also lower than many months in 2023. This trend of decreasing monthly payments is a welcome development for the Austin real estate market, which has been one of the most competitive in the country. Despite the improvements, it's important to note that the Austin housing market remains expensive compared to pre-pandemic levels. For context, in 2019, the average monthly mortgage payment was $1,954, significantly lower than what buyers face today. However, the recent improvements in both home prices and mortgage rates have made a noticeable difference, offering a better financial picture for buyers in 2024. As the market continues to evolve, it’s clear that buyers are benefiting from the current trends. Lower home prices and improved mortgage rates have combined to reduce the monthly financial burden on buyers, making homeownership more accessible. While prices are still high compared to historical averages, the downward trend is a positive sign for those looking to enter the Austin housing market.

Discover how declining home prices and improved mortgage rates are making homeownership more affordable in the Austin area. Learn about the latest trends in Monthly Mortgage Payments (PITI) and what they mean for potential buyers in 2024

Austin Housing Market Sees Decline in Monthly Mortgage Payments in 2024

Welcome to our "Monday Morning Touch Point: Austin Real Estate Market Update | August 19, 2024 " video recap! If you missed the live session, don’t worry; we have all the essential data and insights right here. Whether you’re looking to buy, sell, or just stay informed, this analysis provides a snapshot of the current real estate dynamics in Austin as we navigate through an evolving market landscape. <div class="se-component se-video-container __se__float-center" style="min-width: 100%; width: 75%;"><figure style="width: 75%; height: 56.25%; padding-bottom: 42.19%;"><iframe frameborder="0" allowfullscreen="" src="https://www.youtube.com/embed/cWdAnE062CI" width="75%" height="56.25%" style="width: 100%; height: 100%;"></iframe></figure></div> As of mid-August 2024, Austin’s real estate market continues to adjust to both seasonal shifts and broader economic indicators. This month’s focal point has been the new listing to pending ratio, a critical measure that helps gauge market activity. Recently, this ratio stood at 0.69, indicating a slower uptake of new listings compared to previous weeks, largely influenced by the onset of the school year. This ratio is calculated by dividing the total number of new and re-entered listings by those that have gone under contract or are pending. Inventory management has become increasingly strategic, with a noticeable trend in property withdrawals. This tactic suggests that more sellers are choosing to lease rather than sell, evidenced by a surge in active lease listings. Moreover, a significant 91% of all price adjustments were reductions, indicating that many sellers are repositioning their properties to attract buyers in a competitive market. On a month-to-month basis, the <a href="https://teamprice.com/real-estate-glossary/activity-index">activity index</a>—a metric showing the ratio of pending sales to new listings—improved slightly to 0.64 but still points to a market that leans towards buyers. This tepid demand contrasts with the considerable number of listings being withdrawn from the market, hinting at a potential increase in sales listings as these temporary leases expire by next year. Our detailed analysis also highlights the leasing market’s robust activity, suggesting that this might become a prolonged trend if the current market conditions persist. This strategic shift from selling to leasing could reshape buyer and seller strategies moving forward. This video aims to embed crucial market insights directly into your strategy, whether you're navigating purchases, sales, or simply keeping an eye on the market. Stay tuned for more updates and ensure you're equipped with the latest information to make informed real estate decisions in Austin.

August 19, 2024 : Dive into our latest Monday Morning Touch Point for an in-depth analysis of the Austin real estate market as of August 19, 2024. This video recap offers essential insights into inventory trends, pricing adjustments, and market dynamics, making it a must-watch for anyone interested in Austin's housing landscape.

Monday Morning Touch Point: Austin Real Estate Market Update | August 19, 2024

Understanding the Current State of Austin's Real Estate Market August 08, 2024 : The Austin real estate market has seen significant changes over the past few years. The <a href="https://teamprice.com/residential-price">Residential Peak Value Analysis</a> provides a detailed look at the market trends, highlighting the shifts in property values from their peak times to the present day. This analysis is essential for anyone involved in the Austin real estate market, offering a clear picture of the current state and historical performance of residential properties. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240808040420.png" alt="" data-rotate="" data-proportion="true" data-rotatex="" data-rotatey="" data-align="center" width="" height="" data-size="," data-percentage="auto,auto" data-index="0" data-file-name="peak analysis.png" data-file-size="192646" data-origin="," style=""></figure></div> In the broader Austin-area MLS, the average list price reached its peak in April 2024, with properties listed at an average of $713,548. Today, this value has dropped to $649,723, a decline of $63,825 or 8.9%. The median list price saw its peak in May 2022 at $539,900 but has since fallen to $465,000, showing a decrease of $74,900 or 13.9%. Similarly, the average sold price peaked in May 2022 at $664,515, but the current average is now $571,741, a reduction of $92,774 or 14%. The median sold price, which was highest in May 2022 at $538,000, has decreased to $429,453, marking a significant drop of $108,547 or 20.2%. The analysis also looks at the price per square foot, providing a granular view of the market. In April 2022, the average sold price per square foot peaked at $324. Currently, this figure stands at $265, reflecting a decrease of $59 or 18.2%. The median sold price per square foot, which was at its highest in April 2022 at $280, has dropped to $232, a reduction of $48 or 17.1%. Focusing on the City of Austin, the trends show similar declines. The average list price reached its highest point in April 2024 at $953,196. Today, it has decreased to $898,178, a drop of $55,018 or 5.8%. The median list price peaked in May 2022 at $658,589 but has since fallen to $582,500, a decline of $76,089 or 11.6%. The average sold price in the city peaked in May 2022 at $847,583. Currently, this value is $744,397, showing a drop of $103,186 or 12.2%. The median sold price, which peaked in May 2022 at $680,000, has decreased to $550,000, a significant drop of $130,000 or 19.1%. The price per square foot data for the City of Austin also reflects these downward trends. In May 2022, the average sold price per square foot peaked at $442. It has now decreased to $348, a reduction of $94 or 21.3%. The median sold price per square foot peaked in April 2022 at $393 but has since dropped to $232, a significant decrease of $92 or 23.4%. These figures indicate a general cooling of the real estate market in Austin, with notable declines from peak values. The changes in list prices, sold prices, and price per square foot highlight the shifts in market dynamics over the past few years. This detailed data is crucial for buyers, sellers, and real estate professionals as they navigate the current market conditions and make informed decisions. This information is from August 08, 2024 and is updated weekly. For the weekly update, access our <a href="https://teamprice.com/residential-price" class="on">Residential Price</a> resource.&nbsp;

August 08, 2024 : latest trends in Austin's real estate market with our comprehensive analysis. Learn about the changes in average and median list prices, sold prices, and price per square foot from their peak values to today. Stay informed and make better decisions in the Austin real estate market.

Understanding the Current Trends of Austin's Real Estate Market

Affordability in Austin-Area Real Estate Improves with Lower Mortgage Rates and Median Home Prices The Austin-area real estate market has seen a significant improvement in affordability, driven by a notable decrease in mortgage rates and median home prices. This report analyzes the key factors contributing to this improvement and provides a historical context to better understand current trends.​Mortgage Rates DeclineAs of August 2024, the average mortgage rates quoted by Fannie Mae have dropped to 6.6%. Local lenders are offering even more competitive rates, around 6.375%, for well-qualified buyers. This is a considerable reduction from the peak mortgage rate of 7.65% observed in October of the previous year. The decline in mortgage rates plays a crucial role in reducing the overall cost of home financing, making it easier for buyers to secure loans with lower monthly payments. For those interested in exploring these lower rates, we recommend reaching out to <a href="https://teamprice.com/preferred-loan-officer">Robert Merrell, our preferred loan lender</a>, who can answer any loan questions and help you get prequalified.&nbsp; Median Home Prices DropSimultaneously, the median sold price for homes in the Austin area has decreased to $440,000, down from $550,000 in May 2022. This 20% reduction in home prices further enhances affordability, making it easier for buyers to enter the market. The combination of lower mortgage rates and reduced home prices has led to a more favorable financial environment for homebuyers. Impact on Monthly Payments and Income PercentageThe combination of lower mortgage rates and decreased home prices has resulted in a substantial drop in the monthly Principal, Interest, Taxes, and Insurance (PITI) payments. With a 20% down payment, the PITI for a median-priced home is now $3,322. This is a significant decrease from the high of $3,767 recorded in May 2022. Moreover, the percentage of median household income required to cover the PITI has also improved dramatically. In May 2022, 47.2% of the median household income was needed to cover these costs. As of August 2024, this percentage has decreased to 38.2%, representing a substantial improvement in affordability for the average household. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240808091407.png" alt="" data-rotate="" data-proportion="true" data-rotatex="" data-rotatey="" data-align="center" width="" height="" data-size="," data-percentage="auto,auto" data-index="1" data-file-name="percentage of income.png" data-file-size="131059" data-origin="," style=""></figure></div> Historical Mortgage Rates and PricesTo contextualize the current trends, it's important to examine historical data on mortgage rates and home prices. For instance, in the early 2000s, mortgage rates were significantly higher, averaging around 8%. Over the years, rates have fluctuated, reaching a low of 2.69% in 2020 before rising again. The recent decrease to 6.6% still represents a relatively favorable rate compared to historical highs.&nbsp;Similarly, median home prices have seen a steady increase over the past two decades, with significant jumps in recent years. The price hike was particularly pronounced in 2021 and 2022, with median prices peaking at $550,000 in May 2022. The current median price of $440,000 reflects a return to more manageable levels for buyers. Final Thoughts&nbsp;The improvement in affordability in the Austin-area real estate market is a result of the dual factors of declining mortgage rates and reduced median home prices. This positive trend has lowered the financial burden on homebuyers, making it easier for them to enter the market. The historical context provided by the data highlights the cyclical nature of the real estate market and the importance of monitoring these key indicators to understand market dynamics. As mortgage rates and home prices continue to fluctuate, it will be essential for buyers and industry professionals to stay informed about these trends to make well-informed decisions.

August 08, 2024 : how lower mortgage rates and decreased home prices are making the Austin-area real estate market more affordable. Discover the latest trends and key data points that highlight this significant improvement in housing affordability for 2024.

Austin Housing Market Sees Improved Affordability in 2024

The Austin-area real estate market has been experiencing notable changes over the past two years. Understanding these shifts is crucial for homeowners, buyers, and investors. In this article, we analyze the latest data and trends to provide a clear picture of the current market conditions and what they might mean for the future. From May 2022 to July 2024, the average sold price in the Austin area dropped from $681,939 to $573,996, a decline of approximately 15.83%. Similarly, the <a href="https://teamprice.com/market-cycle">median sold price decreased</a> from $550,000 to $445,600, marking a significant drop of about 18.98%. These price declines align with what is typically seen in a market correction, which generally involves a price drop of 10% to 20%. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240804010152.png" alt="" width="" height="" style=""></figure></div> The duration of this price decline has been about two years, further supporting the notion that the Austin-area real estate market is undergoing a correction. Historically, corrections last between one to two years before the market stabilizes and begins to recover. However, several factors must be monitored to determine if this correction could escalate into a crash. One critical indicator is the <a href="https://teamprice.com/new-listing-to-pending-ratio">New Listing to Pending Ratio</a>, which helps gauge the balance between new listings and pending sales. This ratio is calculated by dividing the sum of Active Under Contract (AUC) and Pending, Taking Backups (PB) by the sum of New Listings (New) and Back On Market (BOM) properties. A ratio below 1.0 indicates that the market is experiencing an increase in inventory, as more properties are listed than are going under contract. In the Austin area, the <a href="https://teamprice.com/new-listing-to-pending-ratio">New Listing to Pending Ratio</a> has been consistently below 1.0 for the first half of 2024. Weekly ratios fluctuated between 0.68 and 0.96, with the most recent data showing a ratio of 0.77. Monthly ratios for the same period ranged from 0.71 to 0.95. This trend suggests a sustained increase in inventory, which can lead to more choices for buyers and potentially stabilize or decrease home prices. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240804010246.png" alt="" width="" height="" style=""></figure></div> Sales volume has also shown notable fluctuations. For example, January 2024 saw significant drops in the number of properties sold compared to previous years. These fluctuations indicate changing buyer behavior and market activity, influenced by factors such as mortgage rates. Recent economic developments have introduced new dynamics into the market. As of the latest jobs report on Friday, conventional mortgage rates dropped to 6.125%, and FHA 30-year fixed rates fell to 5.625%, the lowest in one year. This decrease in rates followed a crash in bond market yields. Lower mortgage rates typically stimulate buyer activity, suggesting that we might see an increase in market transactions in the coming months as borrowing becomes more affordable. Economic conditions play a crucial role in the real estate market's trajectory. While the recent drop in mortgage rates is a positive sign, high mortgage rates have historically dampened buyer demand, leading to price declines and increased inventory. Monitoring these economic conditions is essential to determine if the market is heading toward a crash or if it will stabilize with the new, lower rates. For the Austin-area market to shift from a correction to a crash, several severe indicators would need to align. These include the <a href="https://teamprice.com/new-listing-to-pending-ratio">New Listing to Pending Ratio</a> dropping consistently below 0.7, indicating a dramatic increase in inventory with few properties going under contract. Additionally, price declines would need to exceed 20%, reflecting more severe depreciation. The duration of the decline would need to extend beyond three years, signifying a prolonged market downturn. Significant and sustained drops in sales volume, coupled with worsening economic conditions such as rising unemployment and further increases in mortgage rates, would further exacerbate the market conditions, pushing it towards a crash. If the Austin-area market remains in a correction, the recovery is likely to follow historical patterns. The market could stabilize as inventory levels balance out and buyer demand increases, particularly with the recent drop in mortgage rates. Home prices might begin to recover within the next 1 to 2 years as economic conditions improve and buyer confidence returns. Increased market activity and a reduction in inventory oversupply would be key factors driving this recovery, leading to a gradual return to pre-correction price levels. In the event of a crash, the recovery would be much more prolonged and complex. Historically, real estate market crashes can take up to 5 to 10 years to recover fully. Recovery would depend on significant economic improvements, such as lowering unemployment rates, better access to financing, and sustained low mortgage rates. The market would need to absorb the excess inventory, and prices would gradually stabilize before starting to increase. The initial phase of recovery might see slow and uneven price gains, with more robust growth emerging as economic stability is restored. To summarize, the Austin-area real estate market is currently experiencing a correction, with price declines and increased inventory. The New Listing to Pending Ratio consistently below 1.0 and fluctuating mortgage rates are key indicators of this trend. The recent drop in mortgage rates to 6.125% for conventional loans and 5.625% for FHA loans brings hope for increased market activity. However, ongoing monitoring of these indicators and economic conditions is crucial to understanding the future outlook. <div class="se-component se-image-container __se__float-left" style="width: 100%;"><figure style="width: 100%;"><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240804010820.png" alt="" width="100%" height="" style="width: 100%;"></figure></div>

August 03, 2024 : Understand the current price declines, inventory changes, and economic conditions shaping the market. Is Austin heading towards a crash or just a correction? Find out more.

Is the Austin Real Estate Market Heading Towards a Crash? A Data-Driven Analysis

House Price Trends Across the U.S.: Insights from the <a href="https://teamprice.com/freddie-mac-house-price-index">Freddie Mac Index</a> July 31, 2024 : The <a href="https://teamprice.com/freddie-mac-house-price-index">Freddie Mac House Price Index</a> (FMHPI®) is an invaluable resource for anyone looking to understand the fluctuations and trends in the housing market across the United States. This index provides a clear picture of house price inflation, showing how prices have changed over time in different metropolitan areas. Updated monthly, the FMHPI® offers timely data that reflects the current state of the housing market. From January 2020 to January 2021, cities like Atlanta and Austin saw substantial growth in house prices. For instance, Austin experienced an impressive increase of 43.9% by May 2022. However, this growth was followed by a sharp decline, with a 13.6% drop in house prices by June 2022. This kind of volatility highlights the dynamic nature of the housing market and the various factors that can influence it. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240731021458.png" alt="" width="" height="" style=""></figure></div> The latest data from June 2024 shows a wide range of performance across different metro areas. Miami stands out with a remarkable growth of 77.9% since January 2020, making it one of the top-performing cities. Tampa and Charlotte also showed strong growth, with increases of 75.0% and 72.3% respectively. On the other hand, Austin's growth was more moderate at 43.9%, indicating regional differences in market performance. Year-over-year (YoY) changes provide a snapshot of how the housing market is performing on an annual basis. On average, there was a 5.1% increase in house prices across the metro areas included in the <a href="https://teamprice.com/freddie-mac-house-price-index">FMHPI</a>®. Cities like Columbus, Detroit, and Cleveland saw significant YoY growth, surpassing the national average and highlighting their strong market performance. Month-over-month (MoM) changes offer a short-term view of the housing market. The average MoM change was approximately 4.86%, showing how prices can fluctuate within a month. This metric is essential for understanding the immediate trends in the market and can help in making more informed decisions. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240731021607.png" alt="" width="" height="" style=""></figure></div> The <a href="https://teamprice.com/freddie-mac-house-price-index">FMHPI</a>® also tracks the changes from peak price levels, offering insights into how the housing markets are recovering or continuing to decline after reaching their highest points. For example, cities like Austin, Phoenix, and San Francisco experienced notable declines from their peak values, reflecting specific market conditions and economic impacts. Long-term trends are another critical aspect of the <a href="https://teamprice.com/freddie-mac-house-price-index">FMHPI</a>®. The historical data spans several decades, from 1976 to 2024, showing periods of rapid growth and significant declines. This long-term perspective helps in understanding the overall direction of the housing market and predicting future movements. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240731021653.png" alt="" width="" height="" style=""></figure></div> The regional variations highlighted in the <a href="https://teamprice.com/freddie-mac-house-price-index">FMHPI</a>® are particularly insightful. The Austin-Round Rock-Georgetown area in Texas saw diverse trends, with significant growth in the early 2020s followed by a notable decline. This area's year-over-year percentage differences provide a granular view of these fluctuations, helping to understand the market dynamics over time. Similarly, the Portland-Vancouver-Hillsboro area in Oregon-Washington reflected broader national patterns with its own set of fluctuations. Austin's housing market has been particularly interesting to watch over the past few years. After experiencing a dramatic rise in house prices, reaching a peak growth of 43.9% by May 2022, the market took a sharp downturn. By June 2022, Austin saw a significant decline of 13.6%, indicating a market correction. This volatility continued into recent years, with fluctuations influenced by various economic factors, including changes in demand and supply, interest rates, and broader economic conditions. Despite these challenges, Austin remains a vibrant market with potential for future growth as it adjusts to new economic realities. Top performers in the latest data include Miami, with a stunning 77.9% growth from January 2020, and Tampa, with a 75.0% increase. These cities showcase robust market growth, driven by various economic and demographic factors. On the other end of the spectrum, Austin experienced a significant drop of 13.6% from its peak, indicating potential market corrections or other influencing factors specific to that region. Overall, the <a href="https://teamprice.com/freddie-mac-house-price-index">Freddie Mac House Price Index</a> is a crucial tool for anyone involved in the real estate market. It provides comprehensive data that helps in understanding market trends, making informed decisions, and predicting future movements. The detailed regional analysis and historical data enable a deep understanding of the market's dynamics and future outlooks.​

July 31, 2024 : latest trends and data from the Freddie Mac House Price Index. Understand how house prices have changed over time across various U.S. metropolitan areas, including a detailed look at Austin's market, which saw a 43.9% growth followed by a 13.6% decline. Gain insights into market dynamics and future outlooks.

Freddie Mac House Price Index: What the Data Reveals About the Austin and US Housing Markets

Understanding the Real Estate Market: New Listing to Pending Ratio and Active Listings July 13, 2024 : The real estate market is a dynamic and ever-changing environment that can be challenging to navigate. One way to gain insights into the market's health is by examining the <a href="https://teamprice.com/new-listing-to-pending-ratio">New Listing to Pending Ratio</a> and the number of active listings. This ratio, created by Team Price Real Estate, compares the number of new listings (including those that come back on the market) to the number of pending sales (active under contract and pending). It serves as a valuable tool for understanding whether the market is in equilibrium, favoring buyers, or favoring sellers. A ratio of 1.00 indicates a balanced market where the number of new listings equals the number of properties being sold. For example, if 1,000 new listings come onto the market and 1,000 are absorbed, the ratio is 1.00. If the ratio falls below 1.00, it means fewer homes are being sold than are listed, leading to an increase in inventory. Conversely, a ratio above 1.00 indicates a higher rate of sales compared to new listings, resulting in a decrease in active inventory. The data provided from 2005 to 2024 highlights various market conditions. In 2007, the <a href="https://teamprice.com/new-listing-to-pending-ratio">New Listing to Pending Ratio</a> reached its peak at 1.26 in April and May, showing a super-hot market where homes were selling faster than new ones were being listed. In contrast, 2001 experienced the lowest ratio at 0.45 in September, indicating a cold market with rapidly increasing inventory. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240713052603.png" alt="" data-rotate="" data-proportion="true" data-align="center" data-size="," data-percentage="auto,auto" data-file-name="new listing to pending ratio.png" data-file-size="393707" data-origin="," style=""></figure></div> Examining the number of active listings alongside the ratio offers additional insights. For instance, in 2008, the market faced significant challenges due to the financial crisis. Despite having a high number of active listings, with a peak of 13,384 in June, the New Listing to Pending Ratio dropped to 0.50 in October. This indicates that the market was struggling to absorb the available inventory, leading to a buildup of unsold homes. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240713052734.png" alt="" data-rotate="" data-proportion="true" data-align="center" data-size="," data-percentage="auto,auto" data-file-name="active listings.png" data-file-size="117731" data-origin="," style=""></figure></div> In recent years, the data reflects the impact of the COVID-19 pandemic on the real estate market. In 2021, the number of active listings in January was the lowest in the dataset at 2,842, and February was similar at 2,703. During this time, the New Listing to Pending Ratio remained above 1.00 for most of the year, reflecting a strong demand for homes driven by low-interest rates and changing housing preferences. By 2022, the market began to cool down, with the ratio dropping as low as 0.58 in June, indicating increasing inventory levels as market conditions stabilized. Seasonal trends are also evident in the data. Generally, the number of active listings tends to rise during the spring and summer months, peaking around June or July, and then decreases towards the end of the year. The New Listing to Pending Ratio often mirrors this seasonality, with higher values in the spring and summer when market activity is typically at its highest. Long-term trends indicate a gradual shift towards a seller's market. From 2011 to 2021, the ratios generally increased, while the number of active listings decreased. This trend is particularly noticeable in 2021, with the sharp drop in active listings and consistently high ratios, signifying strong market absorption and high demand. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240713052943.png" alt="" data-rotate="" data-proportion="true" data-align="center" data-size="," data-percentage="auto,auto" data-file-name="moi.png" data-file-size="222916" data-origin="," style=""></figure></div> July 2024: Recent Trends and Forecasts :&nbsp;As of July 2024, the real estate market is experiencing significant changes due to a recent increase in interest rates. The Federal Reserve's benchmark rate has been stable at 5.33% since the beginning of the year. <a href="https://teamprice.com/30-year-fixed-mortgage-rate">Mortgage rates</a> have also seen fluctuations, with the 30-year fixed mortgage rate averaging around 6.89% in early July 2024. These higher interest rates have impacted affordability, making it more challenging for potential buyers to enter the market. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240713052838.png" alt="" data-rotate="" data-proportion="true" data-align="center" data-size="," data-percentage="auto,auto" data-file-name="rates.png" data-file-size="103661" data-origin="," style=""></figure></div> Despite the increase in interest rates, more listings are entering the market. This influx is partly due to sellers trying to capitalize on the still relatively high property values before potential further rate hikes. The <a href="https://teamprice.com/active-residential-listings">number of active listings</a> in July 2024 is 15,682, a significant increase from the same month in previous years. The New Listing to Pending Ratio for July is 0.54, indicating that while more properties are coming onto the market, the absorption rate is slightly lagging, leading to a modest buildup in inventory. Forecasts :&nbsp;Looking ahead, the market is expected to remain somewhat volatile. The <a href="https://teamprice.com/30-year-fixed-mortgage-rate">higher interest rates</a> are likely to continue impacting affordability, potentially dampening buyer demand. However, if rates stabilize or decrease slightly towards the end of the year, as some forecasts suggest, we might see a rebound in buyer activity. The <a href="https://teamprice.com/new-listing-to-pending-ratio">New Listing to Pending Ratio</a> is expected to hover around the current levels, with minor fluctuations reflecting the seasonal trends and economic conditions. Overall, understanding the New Listing to Pending Ratio and active listings data can help real estate professionals, buyers, sellers, and investors make informed decisions. This ratio serves as a real-time indicator of market conditions, reflecting periods of equilibrium, overheated markets, and slowdowns. By analyzing these trends, stakeholders can anticipate market changes, strategically plan their actions, and navigate the complex real estate landscape more effectively.​

July 13, 2024 : Discover how the New Listing to Pending Ratio and active listings data reveal real estate market trends. Learn how this key metric can help you understand market conditions, anticipate changes, and make informed decisions in the real estate industry

Understanding the Real Estate Market with New Listing to Pending Ratio

Austin Area MLS Sees Record High in Active Lease Listings for July 2024 July 07, 2024 : The Austin Area MLS has experienced a remarkable surge in active lease listings, reaching a record high of 6,662 in July 2024. This unprecedented number highlights significant growth in the real estate market, reflecting broader trends observed over the past decade. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240707124809.png" alt="" data-rotate="" data-proportion="true" data-align="center" data-size="," data-percentage="auto,auto" data-file-name="austin area lease inventory.png" data-file-size="140662" data-origin="," style=""></figure></div> In January 2014, the Austin Area MLS recorded 1,892 active lease listings. Fast forward ten years, and this figure has soared to 5,049 by January 2024, marking an impressive 166.9% increase. February showed a similar trend, with listings rising from 1,776 in 2014 to 4,869 in 2024, a staggering 174.2% growth. March also saw a significant increase, with listings jumping from 1,868 in 2014 to 4,760 in 2024, reflecting a 154.8% rise. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240707124852.png" alt="" data-rotate="" data-proportion="true" data-align="center" data-size="," data-percentage="auto,auto" data-file-name="austin area lease inventory graph 1.png" data-file-size="66417" data-origin="," style=""></figure></div> The data for April through June further underscores this upward trajectory. In April 2014, there were 2,123 active lease listings, which grew to 5,106 by April 2024. May's listings increased from 2,412 in 2014 to 5,978 in 2024, and June saw a rise from 2,852 to 6,480 over the same period. Each month consistently shows substantial year-over-year growth, emphasizing the expanding rental market in Austin. July 2024's record high of 6,662 <a href="https://teamprice.com/lease-inventory">active lease listings</a> is a milestone for the Austin Area MLS. This figure represents a significant leap from the 2,862 listings recorded in July 2014. The month-over-month data reveals a steady climb, with listings rising from 2,935 in 2015 to 3,491 in 2016, and eventually reaching 5,525 in July 2023. The current year's record surpasses the previous high, showcasing a robust and dynamic market. The trends observed over the last decade illustrate consistent growth in active lease listings, with notable increases year-over-year. For instance, January 2023 saw an 81.7% increase compared to the previous year, while February 2023 experienced a 79.0% rise. March 2023 also demonstrated significant growth with a 77.2% increase from the prior year. The five-year and ten-year averages provide further insight into these trends. The average number of active lease listings for the five years leading up to 2024 is 5,558, while the ten-year average is 4,908. This comparison indicates a notable increase in recent years, suggesting a vibrant and expanding market. Analyzing percentage differences year-over-year highlights the fluctuations in the market. January's data, for example, shows a 31.8% increase in 2024 compared to the previous year. Similarly, February and March recorded 28.2% and 21.1% increases, respectively. These variations reflect the market's responsiveness to various external factors and the overall growth trajectory. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240707125304.png" alt="" data-rotate="" data-proportion="true" data-align="center" data-size="," data-percentage="auto,auto" data-file-name="austin area lease inventory graph 2.png" data-file-size="73062" data-origin="," style=""></figure></div> In conclusion, the Austin Area MLS has reached a historic milestone with 6,662 active lease listings in July 2024. This record-breaking number is part of a broader trend of significant growth observed over the past decade. The data highlights the dynamic nature of the Austin rental market and underscores the increasing demand for lease properties in the area. This article is based on data published on July 07, 2024. <a href="https://teamprice.com/insight-and-statistics">Austin Real estate statistics</a> are constantly evolving. For the most current data and analysis, please refer to the following resources, updated weekly: <a href="https://teamprice.com/lease-inventory">Austin-Area Lease Inventory</a>

July 07, 2024 : In July 2024, the Austin Area MLS reached a record high of 6,662 active lease listings, marking a significant milestone in the real estate market. This article explores the decade-long trends and the impressive growth in lease listings, providing detailed insights into the Austin rental market.

Austin Area MLS Hits Record High: 6,662 Active Lease Listings in July 2024

June 14, 2024 : Austin-Area MLS Active Listings Cross 15,000 for the First Time The Austin-Area real estate market is witnessing a significant change as the number of <a href="https://teamprice.com/active-residential-listings">active residential listings</a> has crossed the 15,000 mark for the first time. This milestone, reached in mid-June 2024, reflects a substantial increase in available properties compared to previous years. In 2022, the active listings began modestly at 2,031 in early April and saw a steady rise, peaking at 10,874 by early September. This year-over-year growth continued in 2023, where listings started at 9,134 in early January and climbed to 12,188 by late August. However, 2024 has seen even more dramatic growth. Listings began at 9,707 in early January and soared to 15,035 by mid-June, marking a significant 30% increase compared to the same period in 2023. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240615034506.png" alt="" data-rotate="" data-proportion="true" data-align="center" data-size="," data-percentage="auto,auto" data-file-name="active history.png" data-file-size="85974" data-origin="," style=""></figure></div> The monthly growth trends over these years illustrate the dynamic nature of the <a href="https://teamprice.com/">Austin-Area real estate</a> market. In 2022, active listings grew rapidly from 2,031 in early April to 6,551 by mid-June. In 2023, the market saw a steadier increase, with listings rising from approximately 9,700 in early April to around 11,500 by mid-June. This year, the growth has been even more pronounced, with listings increasing from 11,880 in early April to over 15,000 by mid-June. Daily changes in active listings for 2024 further highlight the market's dynamism. For example, on May 10, there was a notable increase of 423 listings. Similar spikes were observed on May 24, with an increase of 159 listings, and on June 14, with a jump of 256 listings, which helped the market reach the 15,000 milestone. This rise in listings is complemented by changes in other key metrics. The months of inventory, which indicates how long it would take to sell the current inventory at the existing sales pace if no new listings were added, has increased to 5.26 months by mid-June 2024. This is a significant rise from previous years, suggesting a shift towards a more balanced or buyer-friendly market. Pending listings, which represent properties under contract but not yet sold, have shown a decrease compared to the previous year. By June 14, 2024, pending listings were down by 9.3% year-over-year. This decline indicates a slower pace of transactions, likely due to the increased inventory and more choices available to buyers. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240615034534.png" alt="" data-rotate="" data-proportion="true" data-align="center" data-size="," data-percentage="auto,auto" data-file-name="active vs pending.png" data-file-size="94465" data-origin="," style=""></figure></div> Comparing data from previous years provides additional insights. In 2022, the market experienced rapid growth from April to June, with active listings nearly tripling from 2,031 to 6,551. The trend continued in 2023, albeit at a steadier pace, with listings growing from 9,134 in January to 11,760 by mid-June. In 2024, the growth has been much sharper, with listings starting at 9,707 in January and reaching 15,035 by mid-June. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240615034550.png" alt="" data-rotate="" data-proportion="true" data-align="center" data-size="," data-percentage="auto,auto" data-file-name="active 2024 vs 2023.png" data-file-size="88214" data-origin="," style=""></figure></div> The current market dynamics indicate that the <a href="https://teamprice.com/">Austin-Area real estate market</a> is evolving. Buyers now have more options, which could lead to longer selling times and potentially more competitive pricing strategies from sellers. Real estate agents need to stay informed about these trends to provide accurate advice and adjust their marketing strategies accordingly. In conclusion, the crossing of the 15,000 active listings mark in the Austin-Area MLS is a significant milestone. This growth reflects broader market trends and suggests a shift towards a more balanced market. Understanding these changes is crucial for all stakeholders in the real estate industry, from buyers and sellers to agents and brokers.&nbsp; This article is based on data published on June 14, 2024. <a href="https://teamprice.com/insight-and-statistics">Real estate statistics</a> are constantly evolving. For the most current data and analysis, please refer to the following resources, updated weekly: <a href="https://teamprice.com/active-residential-listings">Latest Active Residential Listings in the Austin-Area</a>

June 14, 2024 : Explore the significant growth in the Austin-Area real estate market as active MLS listings surpass 15,000 for the first time. Discover detailed data insights and market trends from 2022 to 2024, highlighting the dynamic changes and implications for buyers, sellers, and real estate professionals.

Austin-Area Real Estate: Active Listings Surpass 15,000

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