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US existing home sales have finally broken their 12-month decline, as the latest figures indicate a surge in sales. In February 2023, the total sales were 4.00 million, with a forecast of 4.19 million for March. Surpassing expectations, the actual number came in at 4.58 million – a level not seen since October 2022, when 4.71 million homes were sold. <div class="se-component se-image-container __se__float-center" contenteditable="false"><figure style="margin: auto;"><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20230321024703.png" alt="" data-rotate="" data-proportion="true" data-rotatex="" data-rotatey="" data-align="center" data-size="," data-percentage="auto,auto" data-index="0" data-file-name="sales.png" data-file-size="79615" data-origin="," style=""></figure></div> Existing home sales data provides insights into the annualized number of pre-owned residential buildings sold in the previous month. This metric is crucial for assessing the health of the US housing market, and it also serves as an indicator of the economy's overall vigor.
 The current increase in home sales represents a remarkable 14.5% growth – the largest monthly percentage uptick since July 2020. Analyzing the buyer demographics, first-time buyers accounted for 27% of total sales in February, a decrease from 31% in January and 29% in February 2022.
 Cash transactions also saw some fluctuations. In February, all-cash sales made up 28% of total transactions, down from 29% in January. However, compared to February 2022, when they represented 25% of all sales, there has been a slight increase. This promising data marks a potential turning point in the US housing market, reflecting both its resilience and strength.

<title>US Housing Market Bounces Back: A Surge in Existing Home Sales</title>


<meta name="description" content="Explore the recent upswing in US existing home sales, breaking a 12-month downtrend. Understand the implications of this change for the housing market and the broader economic landscape.">

US Existing Home Sales Snap 12-Month Downtrend: A Closer Look

NAHB Data Shows Rising New Home Prices in Austin-Round Rock-Georgetown Could Price Out Additional Households According to the New NAHB 2023 Priced-Out Estimates, almost 96.5 million households cannot afford to buy a new home at the median price, and an extra 140,436 households would also be priced out if the price of a new home goes up by $1,000. The article explores how changes in interest rates could affect the number of households that can afford to buy a new home. The latest data from the National Association of Home Builders (NAHB) reveals that every $1,000 increase in the median new home price in the Austin-Round Rock-Georgetown, TX area would price out an additional 1,166 households. At present, the median new home price in this metropolitan statistical area (MSA) stands at $447,001, with an income of $146,130 needed to qualify for a mortgage. With a total of 1,115,314 households in the MSA, the NAHB estimates that 817,808 households (or 73.32%) are currently unable to afford the median price.&nbsp; The NAHB utilizes a standardized methodology for its priced-out estimates. This process involves making assumptions such as the mortgage payment not exceeding 28% of the monthly gross household income, which comprises the principal amount, loan interest, property tax, homeowners' property insurance, and private mortgage insurance premiums (PITI). Other assumptions include a 10% down payment and a 30-year fixed-rate mortgage at an interest rate of 6.25% with zero points. The data indicates that the cost of purchasing a new home in the Austin-Round Rock-Georgetown area is a significant challenge for a vast majority of households. Moreover, even a small increase of $1,000 in the median price could result in a further 1,166 households being priced out of the market. These figures highlight the ongoing affordability issues in the region's housing market, and policymakers and stakeholders need to work together to find sustainable solutions to address this problem.<div class="se-component se-image-container __se__float-center" contenteditable="false"><figure style="margin: auto;"><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20230321024914.png" alt="" data-rotate="" data-proportion="true" data-rotatex="" data-rotatey="" data-align="center" data-size="," data-percentage="auto,auto" data-file-name="households priced out.png" data-file-size="559896" data-origin="," style="" data-index="0"></figure></div>

Looking for more information and resources on Austin's real estate affordability? Check out our comprehensive guide on the topic at teamprice.com. With expert insights, data-driven analysis, and helpful tips, our guide provides a wealth of information to help you navigate the Austin real estate market. Click here to learn more: <a href="https://teamprice.com/affordability" title="Austin Area - Housing Affordability">Austin Area - Housing Affordability</a>.

 
Source : NATIONAL ASSOCIATION OF HOME BUILDERS

New NAHB 2023 Priced-Out Estimates

Overview of Austin's Real Estate MarketThe Austin, Texas real estate market has seen a mix of ups and downs in recent months. In this comprehensive report, we will analyze the latest data, trends, and key factors influencing the market in the Central Texas region. By examining the average and median sold prices, month-over-month and year-over-year differences, and price movements in various cities and zip codes, we aim to provide valuable insights for both buyers and sellers. Average Sold Price: A Closer LookThe average sold price in the Austin area for this month stands at $596,461. This represents a month-over-month increase of $63,478 or 11.91%. However, compared to the previous year, the average sold price has decreased by -$50,122 or -7.75%. Median Sold Price: Analyzing the DataThe median sold price in Austin is currently $455,000. This figure has increased by $20,000 or 4.60% from the previous month. On a year-over-year basis, the median sold price has decreased by -$65,000 or -12.50%. Sold Price to List Price RatioIn the Austin real estate market, the average sold price to list price ratio stands at 97.25%. Central Texas Cities: Month-over-Month and Year-over-Year Price MovementsOut of the 30 cities in Central Texas, 14 (47%) experienced a month-over-month price increase, while 16 (53%) saw a decrease. For year-over-year comparisons, only 4 (13%) cities had a price increase, while 26 (87%) experienced a decrease. <div class="se-component se-image-container __se__float-center" contenteditable="false"><figure style="margin: auto;"><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20230320115855.png" alt="" data-rotate="" data-proportion="true" data-rotatex="" data-rotatey="" data-align="center" data-size="," data-percentage="auto,auto" data-index="0" data-file-name="zip-sold-to-list-ratio.png" data-file-size="879414" data-origin="," style=""></figure></div> Year to date, 10 cities have seen an increase in median price, while 19 have seen a decrease. No cities have experienced a price increase from the peak in the past 12 months, but 28 have seen a decrease. Central Texas Zip Codes: Month-over-Month and Year-over-Year Price MovementsWhen examining the 75 zip codes in Central Texas, 39 (52%) experienced a month-over-month price increase, and 33 (44%) saw a decrease. In terms of year-over-year comparisons, 11 (15%) zip codes had a price increase, while 63 (84%) experienced a decrease. Year to date, 36 zip codes have seen an increase in median price, while 35 have seen a decrease. From the peak in the past 12 months, no zip codes have experienced a price increase, but 71 have seen a decrease. The Importance of Local Expertise in the Austin Real Estate MarketUnderstanding the nuances of the Austin real estate market is crucial for both buyers and sellers. With a complex landscape of fluctuating prices, diverse neighborhoods, and shifting market conditions, it's essential to have the guidance of a local market expert. A professional real estate agent with a deep understanding of Austin's unique characteristics can provide valuable insights and help you make informed decisions when navigating this dynamic market. Key Takeaways for Austin's Real Estate MarketAs the data shows, the Austin real estate market has experienced a mix of price increases and decreases across cities and zip codes in the Central Texas region. It's essential for buyers and sellers to stay informed about these trends and work with a knowledgeable local expert to successfully navigate this ever-changing market.

Austin TX Real Estate Market Update: Monday Morning Stats for March 20th, 2023

Adjustable rate mortgages, or ARMs, have been a popular financing option for many homebuyers due to their lower initial interest rates compared to fixed-rate mortgages. With an ARM, the interest rate and monthly payment can change periodically over the life of the loan, which may result in savings in the short term. However, ARMs also come with risks and uncertainties that borrowers should be aware of before deciding on this type of loan.&nbsp; One of the advantages of an adjustable-rate mortgage is the lower initial interest rate. For borrowers who plan to stay in their home for a short period of time, an ARM may offer lower monthly payments compared to a fixed-rate mortgage, resulting in potential savings. ARMs also offer flexibility in loan terms and payments, which may be beneficial for some borrowers.&nbsp; However, there are also significant disadvantages to ARMs. Interest rates and payments can fluctuate over time, which means that borrowers may experience higher payments in the future. This can be particularly risky for borrowers who plan to stay in their home for a longer period of time. Additionally, negative amortization can occur when the monthly payment is not enough to cover the interest owed, leading to an increase in the loan balance over time.&nbsp; Common types of ARMs include 3-year, 5-year, 7-year, and 10-year ARM mortgages. The interest-only ARM mortgage is another type of ARM, where borrowers are only required to pay the interest on the loan for a set period of time. This can result in lower monthly payments in the short term, but can also lead to higher payments in the future.&nbsp; So, when is an ARM a good idea? For borrowers who plan to own their home for a short period of time or expect their income to increase in the future, an ARM may be a viable option. Additionally, when interest rates are low, borrowers may be able to take advantage of the lower initial interest rate offered by an ARM.&nbsp; However, when interest rates are high or borrowers plan to own their home for a longer period of time, an ARM may not be a good idea. Risk-averse borrowers may prefer the certainty of a fixed monthly payment, rather than the uncertainty of an ARM. When choosing between an ARM and a fixed-rate mortgage, it's important to consider the pros and cons of each option. While ARMs offer lower initial interest rates and flexible loan terms, fixed-rate mortgages offer the stability of a consistent monthly payment over the life of the loan. Here is an illustration of a pre-qualification for an adjustable-rate mortgage. The specific type of mortgage is a non-conforming adjustable-rate mortgage that is based on the SOFR benchmark, with a fixed interest rate for the initial 10-year period and a reset period of 6 months. The mortgage has a cap on the maximum interest rate changes, which is 5% after the initial 10 years, and a maximum lifetime interest rate change of 5%. Additionally, there is an initial interest-only payment period of 10 years. Below, you will find a detailed explanation of what these terms mean. <div class="se-component se-image-container __se__float-center" contenteditable="false"> <figure style="margin: auto;"> <img src="https://quicktours-static.s3.us-west-1.amazonaws.com/website_medias/20230317115337.png" alt="" data-rotate="" data-proportion="true" data-rotatex="" data-rotatey="" data-align="center" data-size="," data-percentage="auto,auto" data-index="0" data-file-name="20230317115337.png" data-file-size="0" data-origin="," style=""> </figure></div>&nbsp;<ul><li>NonConf: This refers to a "non-conforming" loan, which means that it does not conform to the standard underwriting guidelines of government-sponsored entities like Fannie Mae and Freddie Mac. Non-conforming loans often have higher interest rates and stricter qualifying requirements.</li><li>ARM: This stands for "adjustable-rate mortgage." An ARM is a type of mortgage loan where the interest rate can change over time based on market conditions.</li><li>SOFR: This stands for the "Secured Overnight Financing Rate." SOFR is a benchmark interest rate that is used as an alternative to LIBOR (the London Interbank Offered Rate), which is being phased out. SOFR is based on actual transactions in the overnight repo market.</li><li>10y/6m: This refers to the interest rate reset period for the ARM. In this case, the interest rate would be fixed for 10 years, and then reset every 6 months after that.</li><li>5-1-5: This refers to the caps on the interest rate changes. The first "5" means that the interest rate can only change by a maximum of 5% after the initial fixed period (in this case, the first 10 years). The "1" means that the interest rate can only change by a maximum of 1% for each subsequent adjustment period. The final "5" means that the interest rate can only change by a maximum of 5% over the life of the loan.</li><li>10yIO: This refers to the initial interest-only period for the ARM. During this time, the borrower would only be required to make interest payments on the loan, and would not be required to pay down any principal.</li></ul> If you currently have an ARM and are considering refinancing, it's important to weigh the advantages and disadvantages of refinancing. ARM refinance rates may be lower than your current interest rate, but it's important to consider any fees associated with refinancing and how long you plan to stay in your home.&nbsp; As of today, Friday, March 17, 2023 at 7:14 PM, the current ARM rates are fluctuating. Specifically, 5/1 ARM rates are at 5.77%, 7/1 ARM rates are at 6.18%, and 10/1 ARM rates are at 6.47%. It's important to note that these rates can change frequently, and for up-to-date rates, it's best to contact us and speak with a local and trusted mortgage professional. Our team works with a network of reputable lenders in the Austin area and can provide you with the most current and competitive rates available. <table><thead><tr><th><div style="text-align: center;">Product</div></th><th><div style="text-align: center;">Interest Rate</div></th><th><div style="text-align: center;">APR</div></th></tr></thead><tbody><tr><td><div style="text-align: center;">5/1 ARM</div></td><td><div style="text-align: center;">5.77%</div></td><td><div style="text-align: center;">7.16%</div></td></tr><tr><td><div style="text-align: center;">7/1 ARM</div></td><td><div style="text-align: center;">6.18%</div></td><td><div style="text-align: center;">7.05%</div></td></tr><tr><td><div style="text-align: center;">10/1 ARM</div></td><td><div style="text-align: center;">6.47%</div></td><td><div style="text-align: center;">7.01%</div></td></tr></tbody></table>Rates as of Friday, March 17, 2023 at 7:14 PM Adjustable-rate mortgages can be a viable option for some homebuyers, but come with significant risks and uncertainties. Before deciding on an ARM, borrowers should carefully consider their financial situation, long-term homeownership plans, and the current state of the housing and mortgage markets. Consulting with a trusted mortgage professional can also help borrowers make an informed decision. If you are considering an adjustable rate mortgage and would like to be connected with a local and trusted mortgage professional, our team is here to help. We work with a network of respected and reputable mortgage professionals in the Austin area and would be happy to provide referrals based on your individual needs and circumstances. Don't hesitate to reach out to us for assistance in finding the right financing option for your home purchase.

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	<title>Adjustable Rate Mortgage: Pros, Cons, and Current Rates</title>
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Adjustable Rate Mortgage: Pros, Cons, and Current Rates

Are you interested in buying or <a href="https://teamprice.com/selling" alt="selling a home in Austin, Texas" class="on">selling a home in Austin, Texas</a>? If so, understanding the current state of the Austin housing market is crucial. In this article, we'll take a closer look at Austin home prices, including recent trends and key data points to help you make informed decisions. <ul><li>Average Sold Price: According to recent data, the average sold price for a home in Austin so far this month is $596,461. Compared to last month, this represents an increase of $63,478, or 11.91%. However, compared to the same time last year, the average sold price has actually decreased by $50,122, or 7.75%.</li></ul><ul><li>Median Sold Price: The median sold price for a home in Austin is currently $455,000. Compared to last month, this represents an increase of $20,000, or 4.60%. However, compared to the same time last year, the median sold price has decreased by $65,000, or 12.50%.</li><li>Sold Price to List Price Ratio: It's also worth noting that the average sold price to list price ratio in Austin is currently 97.35%. This means that on average, homes are selling for 97.35% of their list price.</li><li>Trends in Central Texas: When looking at the 30 cities in Central Texas, 43% have seen a month over month increase in home prices, while 57% have seen a decrease. Similarly, only 17% of cities have seen a year over year increase in prices, while 80% have seen a decrease. Year to date, 10 cities have seen an increase in median price, while 19 have seen a decrease. Since the peak in the past 12 months, no cities have seen an increase in price, while 28 have seen a decrease.</li><li>Trends in Zip Codes: When looking at the 75 zip codes in Central Texas, 49% have seen a month over month increase in home prices, while 47% have seen a decrease. Similarly, only 16% of zip codes have seen a year over year increase in prices, while 83% have seen a decrease. Year to date, 36 zip codes have seen an increase in median price, while 37 have seen a decrease. Since the peak in the past 12 months, no zip codes have seen an increase in price, while 71 have seen a decrease.</li></ul>The Austin housing market has seen some fluctuations in recent months, with both the average and median sold prices experiencing changes. It's important to keep these trends in mind when making decisions about buying or selling a home in Austin or the surrounding areas. With the help of a trusted real estate agent and a solid understanding of the market, you can make the right moves to achieve your goals.

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Austin Home Prices: Recent Trends and Key Data Points

Unexpected Rise in U.S. Building Permits and Housing Starts: Understanding the Difference Between the Two Indicators The U.S. housing market has recently experienced a surge, with both building permits and housing starts showing significant gains. This article will explore these two key indicators in the housing market and explain the difference between building permits and housing starts. We will also analyze the recent data, where building permits unexpectedly rose from 1.339 million to 1.524 million and housing starts increased from a revised 1.321 million to 1.450 million.&nbsp;
 Building Permits: A Measure of Future Construction&nbsp;
 Building permits measure the change in the number of new permits issued by the government for the construction of residential buildings. These permits are required before construction can begin, and are thus considered a key indicator of future housing construction and demand in the housing market.&nbsp;
 The recent data showed an unexpected rise in building permits from 1.339 million to 1.524 million, surpassing the forecast of 1.340 million. This suggests that there is an increase in demand for new residential construction projects, which could be due to various factors such as population growth, economic conditions, or low-interest rates. The increase in building permits implies that developers and builders are anticipating higher demand in the coming months and are preparing to meet that demand.&nbsp;
 Housing Starts: A Measure of Actual Construction&nbsp;
 Housing starts, on the other hand, refer to the number of new residential construction projects that have begun in a given period. This metric is an important indicator of the current state of the housing market, as it reflects the actual commencement of construction activity. A higher number of housing starts signals a robust housing market and strong economic conditions.&nbsp;
 The recent data indicates that housing starts also posted a noticeable gain, with a revised 1.321 million rising to 1.450 million. This increase surpassed the forecast of 1.310 million, suggesting that the housing market is experiencing a strong period of growth. The growth in housing starts can be attributed to various factors, such as increased demand for housing, improved access to financing, or a general increase in construction activity.&nbsp;
 The Difference Between Building Permits and Housing Starts&nbsp;
 While both building permits and housing starts are key indicators of the health of the housing market, they represent different aspects of the market. Building permits act as a leading indicator, providing insight into future construction activity and demand. In contrast, housing starts are a lagging indicator, reflecting the actual commencement of construction projects and the current state of the housing market.

<h2>US Housing Starts</h2>
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<h2>US Building Permits</h2>
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Unexpected Rise in US Building Permits and Housing Starts

Thursday, March 16, 2023 : Austin Real Estate Market Shows Significant Inventory Growth and Mixed Pricing Trends
 AUSTIN, TX — The Austin real estate market has experienced substantial changes over the past year, with inventory levels skyrocketing and mixed pricing trends across the city and Central Texas. The total number of active listings in the Austin-Area MLS has soared to 9,651, a 4.43 times increase from the 3,598 listings this time last year. Months of inventory currently sits at 4.69 months, a significant jump from the 1.06 months seen in March 2022.
 Within the City of Austin, the increase in inventory is even more pronounced at 4.8 times. As for pricing, the average list price for active homes in the Austin-Area MLS is $684,940, up 6.66% year over year. However, the average sold price has decreased by 9.78% to $566,965, and the median sold price has fallen by 13.86% to $435,000.
 The median sold price in the City of Austin has also experienced a decline of 12% year over year, dropping from $647,713 to $570,000. The average sold price to list price ratio currently stands at 97.32%.
 An analysis of the 30 cities in Central Texas shows that 43% (13 cities) have experienced a month-over-month price increase, while 57% (17 cities) have seen a decrease. Only 13% (4 cities) reported a year-over-year price increase, with the majority (83% or 25 cities) experiencing a decline. Year-to-date, 11 cities have witnessed a rise in median price, while 18 cities have seen a drop. From the peak in the past 12 months, none of the cities have seen an increase in price, while 28 cities have experienced a decrease.
 A similar pattern is observed when examining the 75 zip codes in Central Texas. Almost half (47% or 35 zip codes) have seen a month-over-month price increase, while 51% (38 zip codes) have experienced a decrease. In terms of year-over-year figures, 16% (12 zip codes) reported a price increase, whereas 83% (62 zip codes) saw a decline. Year-to-date, 34 zip codes have reported a rise in median price, and 39 zip codes have seen a decrease. From the peak in the past 12 months, no zip codes have experienced an increase in price, while 69 zip codes have witnessed a decrease.
 These statistics highlight the dynamic nature of the Austin real estate market, with inventory levels growing rapidly while prices show mixed trends. While the increase in active listings and months of inventory suggests a cooling market, the fluctuating prices across cities and zip codes indicate that the market is still adjusting to the recent changes. Homebuyers and sellers should keep a close eye on these trends to make informed decisions in the evolving Austin real estate landscape.
 To gain a deeper understanding of the market and access more detailed statistics, delve into the extensive resources provided. With over 30 comprehensive reports and more than 500 pages of up-to-date market data and insights, you'll find all the information you need to stay informed.

<h2>Residential Sale</h2>
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<h2>Residential Lease</h2>
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Austin Real Estate Statistics: Volume 19, Number 11

Recently, the M2 money supply in the United States has made headlines due to a contraction in January 2022. This marks the first contraction since 1958 and the highest year-over-year contraction in almost 100 years.
 The M2 money supply is an important indicator of the overall health of the economy. It represents the amount of money in circulation, including both physical currency and less liquid assets such as savings accounts. A contraction in the M2 money supply can indicate a decrease in economic activity, as there is less money available for businesses and consumers to spend.
 The contraction in January 2022 may have been caused by a variety of factors, including reduced government stimulus spending and a decrease in consumer spending.

<center><blockquote class="twitter-tweet">When the Money Supply Contracts?, banks start collapsing.? This trend is very predictable. Each time the money supply has contracted in last 150 years, we&#39;ve had a banking crisis. M2 Money is down -2% YoY. First time in 100 years. Take note. <a href="https://t.co/LC5vBHHwJs">pic.twitter.com/LC5vBHHwJs</a>&mdash; Nick Gerli (@nickgerli1) <a href="https://twitter.com/nickgerli1/status/1635331347177947136?ref_src=twsrc%5Etfw">March 13, 2023</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></center>
 

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M2 Money Supply Shrinks

What a day it was for the bond market! On Monday, March 13, 2023, the 10-year Treasury ended the trading day at 3.521, down 16.3 basis points. The 2-year Treasury ended the day under 4%, at 3.985, down an incredible 60.8 basis points - one of the largest drops in recent history. This is a clear indication of a significant shift in the market sentiment. The 30-Year Fixed rate also saw a significant short-term drop from 7.1% to 6.5%, according to Mortgage News Daily. <div class="se-component se-image-container __se__float-center" contenteditable="false"> <figure style="margin: auto;"> <img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20230313083719.png" alt="" data-rotate="" data-proportion="true" data-rotatex="" data-rotatey="" data-align="center" data-size="," data-percentage="auto,auto" data-index="0" data-file-name="rate.png" data-file-size="56646" data-origin="," style=""> </figure></div>&nbsp; Investors are reassessing their positions and taking a more cautious approach, as evidenced by the nearly half-point drop in price for Mortgage Backed Securities' 5.5 coupons from their most recent highs.&nbsp; The next two weeks are critical for the bond market as several key economic indicators will be released, starting with tomorrow's Consumer Price Index (CPI) data. The CPI provides insights into inflationary pressures in the economy that can impact interest rates. On Wednesday, the Producer Price Index (PPI) will be released, providing additional data on inflation. Thursday's Federal Reserve's Beige Book report will provide an assessment of economic conditions in each of the 12 Federal Reserve districts.&nbsp; The Fed Interest Rate Decision, set for Wednesday, March 22, 2023, at 1pm Central Time, is the most anticipated announcement. Investors are expecting a pause on interest rate hikes, which could provide a boost to the bond market and ease concerns about rising interest rates. However, if the Fed continues with interest rate hikes, it could lead to further declines in bond prices.&nbsp; Overall, the bond market is at a critical juncture, and investors are closely watching economic indicators and the Fed's interest rate decision to determine their next moves. The outcome of these events could have a significant impact on the bond market and its sentiment in the coming days.

Bond Market Sees Significant Shift, Investors Cautious Ahead of Fed Decision

<div style="text-align: start">Some are calling what happened yesterday a rescue, others are calling it a bailout. </div><div style="text-align: start"> </div><div style="text-align: start">Regardless of the terminology, the Fed's intervention has resulted in a rapid decline in yields. This marks the largest one-day drop in yields since the 2008 financial crisis. Furthermore, the 87 bps drop over three days is the largest since the 1987 Black Monday stock market crash. </div><div style="text-align: start"> </div><div style="text-align: start">Yields move inversely to prices. Bond prices are increasing, MBS (Mortgage Backed Securities) prices are also <a></a>increasing; therefore expect rates to drop. </div>

Fed Intervention Sparks Largest Yield Drop Since 2008

March 10, 2023 : According to the Austin real estate market's Friday summary on March 10, 2023, the average sold price for properties was $596,461. This represents an 11.91% month-over-month increase in dollars, or $63,478. However, the year-over-year difference shows a decrease of -7.75%, or -$50,122. The median sold price was $455,000, with a 4.60% month-over-month increase in dollars, or $20,000. The year-over-year difference in median sold price was -12.50%, or -$65,000. <div class="se-component se-image-container __se__float-center" contenteditable="false"><figure style="margin: auto;"><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20230311012520.png" alt="" data-rotate="" data-proportion="true" data-rotatex="" data-rotatey="" data-align="center" data-size="," data-percentage="auto,auto" data-file-name="march 20 2023.png" data-file-size="1297680" data-origin="," style="" data-index="0" origin-size="2000,1445"></figure></div>&nbsp; Furthermore, the average sold price to list price ratio was 97.39%. This ratio indicates the percentage of the original listing price that a property sold for on average. It shows that properties are selling close to their asking prices in the Austin real estate market. Overall, the Austin real estate market has experienced significant month-over-month growth in both average and median sold prices. However, the year-over-year differences show a decline, which could suggest a possible cooling off of the market. Nonetheless, the average sold price to list price ratio indicates that the market is still relatively strong, and properties are selling at prices close to their initial listings. <div class="se-component se-image-container __se__float-center" contenteditable="false"><figure style="margin: auto;"><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20230311013231.png" alt="" data-rotate="" data-proportion="true" data-rotatex="" data-rotatey="" data-align="center" data-size="," data-percentage="auto,auto" data-index="2" data-file-name="average sold.png" data-file-size="452587" data-origin="," style=""></figure></div> We invite you to keep visiting our website for the most current and accurate Austin real estate statistics. Please note that the information provided in this article is as of March 10, 2023, and real estate market trends can change frequently. By regularly checking our site, you can stay up-to-date with the latest market trends, including changes in the average sold price, median sold price, and other relevant metrics. To access the most recent Austin real estate statistics, simply click on the "Insights" tab on our website. We hope that our website will serve as a valuable resource for you as you navigate the Austin real estate market.

Austin Real Estate Market Sees Month-Over-Month Growth

On March 10th, 2023, the Bureau of Labor Statistics released the employment situation report for February, and it showed some surprising results. While the Nonfarm Payrolls came in at a positive 311,000, exceeding the expectations of 205,000, manufacturing payrolls showed a negative 4,000, lower than the estimated +12,000. Additionally, wages were lower, and the unemployment rate was higher than expected, with an anticipated rate of 3.4% but coming in at 3.6%.&nbsp;
 The surprising number of Nonfarm Payrolls is not affecting the bond market as much as anticipated. Lower wages and a significant uptick in unemployment are helping to offset this. It's important to note that the Nonfarm Payrolls in the previous month were also over 500,000, making today's number, though larger than expected, still lower than the previous month by a noticeable amount. According to Bloomberg, it seems that low-wage jobs were the ones added, with retail jobs higher, leisure and hospitality up slightly, and manufacturing flat.&nbsp;
 Despite the mixed results, the employment figures had a positive effect on the bond market, with yields across all bond products dropping. This drop in yields is good news for the Mortgage Backed Security (MBS) market, and it's hoped that the rates will go down further as a result. It's still early in the day, and the market needs time to digest this information. However, so far, the results seem to be good news for the bond market and, in turn, good for mortgage rates. <div class="se-component se-image-container __se__float-center" contenteditable="false"><figure style="margin: auto;"><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20230310020328.png" alt="" data-rotate="" data-proportion="true" data-rotatex="" data-rotatey="" data-size="," data-align="center" data-percentage="auto,auto" data-index="0" data-file-name="march 10 2023.png" data-file-size="786465" data-origin="," style="" origin-size="2000,2000"></figure></div> While the Nonfarm Payrolls number was surprising, the negative manufacturing payrolls and lower wages are concerning. The hope is that the trend towards low-wage jobs will not continue, and more higher-paying jobs will be added in the future. It's also essential to remember that while the employment figures are an essential indicator of the health of the economy, they are not the only factor. Other economic indicators, such as inflation and consumer confidence, will also play a crucial role in determining the overall state of the economy.

Unemployment Rate Rises to 3.6% in February 2023

Thursday, March 09, 2023 : The Austin, Texas real estate market has continued to undergo significant changes over the past year. The total number of active listings in the Austin-Area MLS has increased from 4,836 to 9,555, indicating a 4.43x increase, with a Months of Inventory of 4.70 months. This represents a significant shift in the market, giving buyers more options to choose from. In the City of Austin specifically, the increase in inventory is 4.7x.
 Despite an average list price increase of 9.75% year over year, the average sold price this month is currently $557,807, a decrease of 11.24% year over year. The median sold price is $439,000, a difference of 13.07% year over year. The median sold price in the City of Austin has decreased by 3.5% year over year, from $647,713 to $625,000. These declines in prices can likely be attributed to the increase in inventory, as buyers now have more options to choose from and can be more selective in their purchasing decisions.
 Looking at the peak of the market, the Austin MLS saw its highest average sold price in May 2022, at $681,952. Since then, the market has dropped by $96,405 or 14.1%. Similarly, the median sold price peaked in May 2022 at $550,000 and has since dropped by $82,437 or 14.99%.
 For buyers, the increase in inventory means that there are more options available, which could lead to more competitive pricing and better negotiation opportunities. It also means that buyers may have more time to make purchasing decisions, as there is less pressure to act quickly due to a shortage of available properties.
 For sellers, it's important to work with a skilled real estate agent who can help navigate the changing market and set realistic expectations for pricing and timing. It may also be necessary to make updates or improvements to the property to stand out in a crowded market and attract potential buyers.

<h2>Residential Sale</h2>
<iframe src="https://drive.google.com/file/d/1uNGL3C7EhB1PuImIpMbnZsaswW5PJpaM/preview" width="100%" height="700px" margin="auto" title="Team Price Real Estate Statistics - Residential Sale - V19 N10"></iframe>
 
<h2>Residential Lease</h2>
<iframe src="https://drive.google.com/file/d/1uYuwP-1wvAg1UVSc3qVOR223UbJGXIIg/preview" width="100%" height="700px" margin="auto" title="Team Price Real Estate Statistics - Residential Lease - V19 N10"></iframe>

Austin Real Estate Statistics: Volume 19, Number 10

The US Treasury conducted a 10-Year Note Auction on March 08, 2023. The results of the auction show that the yield increased to 3.985%, from the previous auction's yield of 3.613%. The high yield for the auction was 3.985%, with an allotment at high of 42.84%. The price was 96.052286, and the accrued interest per $1,000 was $2.70718. The median yield for the auction was 3.889%, while the low yield was 3.800%. The bid-to-cover ratio for the auction was 2.35, indicating that the auction was relatively well-received. Overall, the results of the 10-Year Note Auction suggest that there is still a strong demand for US Treasury debt, despite the increase in yield. Investors and analysts will continue to monitor these trends as they may have implications for the broader economy and financial markets. <div class="se-component se-image-container __se__float-center" contenteditable="false"><figure style="margin: auto;"><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20230309030439.png" alt="" data-rotate="" data-proportion="true" data-rotatex="" data-rotatey="" data-align="center" data-size="," data-percentage="auto,auto" data-index="0" data-file-name="results.png" data-file-size="356836" data-origin="," style=""></figure></div>

US Treasury's 10-Year Note Auction Shows Increase in Yield

March 08, 2023 - The Mortgage Bankers Association (MBA) Weekly Mortgage Applications index rose 7.4% week over week, according to data released today. This marks a significant improvement from last week's reading of negative 5.7%.&nbsp;
 The increase in mortgage applications was driven by a rise in both home purchase and refinance activity. The refinance share of mortgage activity increased to 28.9% of total applications from 28.7% the previous week. Meanwhile, the adjustable-rate mortgage (ARM) share of activity increased to 8.6% of total applications.&nbsp;
 The MBA Weekly Mortgage Applications index is a key indicator of the health of the housing market and the broader economy. An increase in mortgage applications is generally seen as a positive sign, as it suggests that more people are looking to buy homes or refinance their existing mortgages. The increase in refinancing activity may indicate that borrowers are seeking to take advantage of lower interest rates.&nbsp;
 The rise in the adjustable-rate mortgage (ARM) share of activity may reflect an increasing willingness among borrowers to take on more risk, as ARMs typically offer lower initial interest rates but can adjust upward over time. However, it is important to note that ARMs can also be a useful tool for borrowers who plan to sell or refinance their homes in the near future, as they offer greater flexibility than fixed-rate mortgages.&nbsp;
 The positive news for the housing market was overshadowed by concerns about the broader economy. Federal Reserve Chair Jerome Powell continued his testimony in the House of Representatives today, and investors were alarmed by the yield curve inversion.&nbsp;The benchmark 2-year note now yields 5.04%, more than a full percentage point above the 10-year note at 3.97%. This degree of inversion is widely seen as a herald of recession, and was last seen in 1981. The yield curve inversion mentioned in the news article is a phenomenon in which short-term interest rates are higher than long-term interest rates. This is generally seen as a warning sign of an impending recession, as it suggests that investors are more pessimistic about the future than they are about the present. However, it is important to note that yield curve inversions are not always followed by recessions, and that other factors can also influence the health of the economy.
 Investors will be closely watching Powell's comments and actions in the coming weeks, as they seek to gauge the Fed's thinking on interest rates and monetary policy. Any changes in interest rates could have a significant impact on the housing market and the broader economy, and many experts are urging caution in the face of these economic uncertainties.

Mortgage Applications Jump 7.4% as Refinance Activity Rises

On March 7th, 2023, the bond market's recession gauge plunged to a fresh four-decade low, with the spread between 2- and 10-year Treasury yields dropping to minus 104.6 basis points during the afternoon trading session. This is one of the most reliable indicators of an impending U.S. recession and is closely monitored by investors and economists alike. The bond market's recession gauge plummeted further below zero into triple-digit negative territory on Tuesday, after Federal Reserve Chairman Jerome Powell pointed to the need for higher interest rates and a possible reacceleration in the pace of hikes. This triple-digit inversion was largely driven by the rise in the 2-year rate, with the policy-sensitive 2-year rate trading far above the benchmark 10-year yield. The inverted 2s/10s spread is a warning sign for investors and economists as it indicates investor concern about the economy's future prospects. It suggests that short-term interest rates are higher than long-term rates, which can lead to a credit crunch and stifle economic growth. The recent drop in the bond market's recession gauge is a cause for concern as it could be a sign of an economic downturn. The last time the spread between the 2- and 10-year Treasury yields was at a similar level was on September 15, 1981. At that time, the fed funds rate was 19% under then Federal Reserve Chairman Paul Volcker.&nbsp; Powell's suggestion for higher interest rates and a possible reacceleration in the pace of hikes has sparked a strong reaction from the bond market. This could lead to further discussion and analysis about the potential for a U.S. recession in the near future. While the economy has been relatively strong in recent years, concerns about rising inflation, slowing growth, and other factors could impact economic activity. The bond market is closely watched by investors and economists because it can provide insight into the overall health of the economy. As a result, a plunging spread between the 2-year and 10-year Treasury yields can be seen as a sign of investor concern about the economy's future prospects. This concern is warranted as a recession can cause widespread economic hardship, including job losses, reduced wages, and a decline in consumer spending. <div class="se-component se-image-container __se__float-center" contenteditable="false"><figure style="margin: auto;"><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20230307084646.png" alt="" data-rotate="" data-proportion="true" data-rotatex="" data-rotatey="" data-align="center" data-size="," data-percentage="auto,auto" data-index="2" data-file-name="bond-market.png" data-file-size="193978" data-origin="," style=""></figure></div>&nbsp;
 It is important to note that the bond market's recession gauge is not a perfect predictor of an economic downturn. However, it has been a reliable indicator in the past and is often used by investors and economists as a warning sign. While the current economic conditions may not be identical to those of the past, the bond market's recession gauge is still a valuable tool in gauging investor sentiment and economic expectations. As bond prices drop and yields increase, the prices of mortgage-backed securities are also falling. Consumers may face increased rates as lenders who did not adjust their prices earlier or those who recently increased them are now considering negative repricing. Several lenders have reported repricing targets in response to this market shift. Today's Mortgage Rates reported by Mortgage Daily News have increased by 0.04%, reaching 7.03%.&nbsp; Despite the recent drop in the bond market's recession gauge, it is important to keep in mind that the economy can be unpredictable, and a recession may not necessarily occur. There are various factors that could impact economic growth, including fiscal policy, geopolitical events, and technological advancements. As a result, it is important to remain vigilant and monitor economic indicators to stay informed about the economy's health. Overall, the recent drop in the bond market's recession gauge is a significant development that will be closely monitored by investors and economists alike. While it is too early to say for certain whether a recession is imminent, this indicator provides valuable insight into the market's expectations and concerns about the economy's future. Investors and economists will continue to watch the bond market closely for further signs of economic activity and potential changes in interest rates.

Recession Gauge Drops to 40-Year Low After Powell's Hints

On March 7, 2023, Federal Reserve Chairman Jerome Powell testified on Capitol Hill about policy and the economy. Powell delivered the semiannual monetary report to the Housing and Urban Affairs Committee in Senate Banking, discussing the future of monetary policy and its impact on the inflation fight.&nbsp;
 The Fed Chair emphasized that the central bank is closely monitoring economic data and is willing to take action if necessary to keep inflation in check. If the totality of incoming data indicates that faster tightening is warranted, the Fed is prepared to increase the pace of rate hikes.&nbsp;
 Powell also indicated that the ultimate level of interest rates is likely to be higher than previously anticipated. The Fed will continue to make its decisions meeting by meeting, based on the totality of incoming data and implications for the outlook for growth and inflation. This means that the Fed's policy stance could change at any time, depending on the economic conditions.&nbsp;
 The latest economic data has been stronger than expected, particularly in terms of inflationary pressures. However, Powell cautioned that some of the strength in the overall January data likely reflects unseasonably warm weather. Furthermore, there is little sign of disinflation so far in core services, excluding housing.&nbsp;
 To get inflation back down to 2%, lower inflation in core services, excluding housing, and some softening in the labor market would be necessary. Ongoing increases in the policy rate are likely appropriate in order for the stance to be sufficiently restrictive to get inflation back to 2% over time.&nbsp;
 Powell emphasized that the labor market remains extremely tight, and there is a long way to go on getting inflation back down, and the road is likely to be bumpy. Restoring price stability likely requires the Fed to maintain a restrictive policy stance for some time. He cautioned that history cautions against loosening policy prematurely, and that the Fed will stay the course until the job is done.&nbsp;
 Overall, Powell's remarks suggest that the Fed is closely monitoring the economic data and is willing to take action if necessary to keep inflation in check. However, the Fed is also mindful of the potential for a bumpy road ahead and is prepared to maintain a restrictive policy stance for some time to restore price stability.

<h2>Consumer Price Index (Inflation)</h2>

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Powell discusses faster tightening and higher rates

March 06, 2023 |&nbsp;Black Knight, a premier provider of innovative, high-performance software, data, and analytics for mortgage and home equity lending and servicing, recently published its highly anticipated Mortgage Monitor Report. The report highlights that home prices fell for the 7th consecutive month in January, although the decline was the smallest to date. While this news may concern those in the real estate industry, there are several key takeaways from the report that provide a more nuanced view of the situation. <div class="se-component se-image-container __se__float-center" contenteditable="false"><figure style="margin: auto;"><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20230306034416.png" alt="" data-rotate="" data-proportion="true" data-rotatex="" data-rotatey="" data-align="center" data-size="," data-percentage="auto,auto" data-index="2" data-file-name="graph 2.png" data-file-size="253636" data-origin="," style=""></figure></div>&nbsp;
 It is worth noting that the decline in home prices is not uniform across all markets. While two-thirds of major markets saw price declines in January, on a seasonally adjusted basis, this is down from over 90% in December. Austin saw the largest decline, with prices falling 1.2% in the month, followed by San Francisco, Seattle, Salt Lake City, San Jose, and Las Vegas, which also saw steep declines. However, it is important to note that not all major markets are experiencing significant declines, with Miami being the only market where prices are still up year over year, at 12%. <div class="se-component se-image-container __se__float-center" contenteditable="false"><figure style="margin: auto;"><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20230306035006.png" alt="" data-rotate="" data-proportion="true" data-rotatex="" data-rotatey="" data-align="center" data-size="," data-percentage="auto,auto" data-index="3" data-file-name="month.png" data-file-size="947858" data-origin="," style=""></figure></div> <div class="se-component se-image-container __se__float-center" contenteditable="false"><figure style="margin: auto;"><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20230306035036.png" alt="" data-rotate="" data-proportion="true" data-rotatex="" data-rotatey="" data-align="center" data-size="," data-percentage="auto,auto" data-index="4" data-file-name="graph.png" data-file-size="1161096" data-origin="," style=""></figure></div> While the decline in home prices may seem concerning, it is important to put this in context. Home prices are now 5.5% off their June peak, and a more modest 2.9% off peak when adjusting for typical seasonal trends. Additionally, nine months ago, all 50 of the largest U.S. markets were seeing double-digit annual home price growth. As of January 2023, only one market remains in this category. Therefore, while prices have declined in many markets, this is not necessarily indicative of a widespread crash in the housing market. <div class="se-component se-image-container __se__float-center" contenteditable="false"><figure style="margin: auto;"><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20230306034308.png" alt="" data-rotate="" data-proportion="true" data-rotatex="" data-rotatey="" data-align="center" data-size="," data-percentage="auto,auto" data-index="1" data-file-name="graph 3.png" data-file-size="1123957" data-origin="," style=""></figure></div> It is important to consider the factors that are contributing to the decline in home prices. One of the main factors is the increase in mortgage interest rates which has made it more expensive for homebuyers to borrow money. This, in turn, has reduced demand for homes and put downward pressure on prices.&nbsp; &nbsp;&nbsp;
 While the decline in home prices may be concerning for those in the real estate industry, it is important to consider the broader context. Not all markets are experiencing significant declines.&nbsp; It is important to consider the factors that are contributing to the decline, such as the increase in mortgage interest rates and the slowdown in the economy.&nbsp; Source :&nbsp;https://www.blackknightinc.com/black-knights-january-2023-mortgage-monitor/

<h2>Mortgage Monitor Report</h2>
<iframe src="https://drive.google.com/file/d/161HebSf9agCWY5nERiUJSoYfG4-VfeU3/preview" width="100%" height="700px" margin="auto" title="Mortgage Monitor Report"></iframe>

Mortgage Monitor Report March 06 2023

The recent surge in mortgage rates has been a cause of concern for many prospective homebuyers and real estate investors. On March 2nd, 2023, 30-year mortgage rates crossed the 7% mark for the first time since November 2022. This has been attributed to several factors, including rising inflation expectations, stronger-than-expected economic data, and a shift in the Federal Reserve's monetary policy. However, on Friday, the bond market, which accounts for most of the day-to-day momentum in rates, started the day on a strong note, leading to some mid-day price improvements from multiple lenders. The net effect is a rate landscape that is still near the highest levels in months, but we ended Friday with rates slightly under 7%. The coming week will be critical for rates, with every day presenting an economic indicator, announcement, or event that will affect rates. On Monday, Factory Orders (MoM) for January along with the 3-month and 6-month treasury bill auctions will take place. On Tuesday, all eyes and ears will be on Fed Chair Powell as he testifies at 9 am about interest rates and the Fed's monetary policy. On Wednesday, the ADP Nonfarm Employment Change for February, JOLTs Job Openings for January, and another testimony from Fed Chair Powell will take place. This day also has a highly anticipated 10-Year Note Auction at noon. On Thursday, Initial Jobless Claims will be released at 7:30 am, and on Friday, the Unemployment Rate for February along with various employment figures will be released. As we can see, there are many factors this coming week that will affect mortgages, and it is essential to take it day by day. It is important to keep a close eye on the market and monitor any changes that may occur. This is particularly crucial for those looking to buy or refinance a home, as even small fluctuations in interest rates can have a significant impact on monthly mortgage payments. Stay tunned.&nbsp; <div class="se-component se-image-container __se__float-center" contenteditable="false"><figure style="margin: auto;"><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20230304021843.png" alt="" data-rotate="" data-proportion="true" data-rotatex="" data-rotatey="" data-align="center" data-size="," data-percentage="auto,auto" data-index="0" data-file-name="calendar.png" data-file-size="211311" data-origin="," style=""></figure></div>

Crucial Week Ahead: Economic Indicators to Dictate Interest Rates

Mortgage Rates Rise Above 7% Amid Growing Inflation Concerns Thursday, March 02, 2023, 10:09 PM : As fears of inflation refuse to subside, the 30-Year Fixed Rate mortgage has surged to 7.10%, crossing the 7% threshold once again. This spike in mortgage rates can be attributed to the rising yields on the U.S. 10-year Treasury bond, which mortgage rates loosely follow. Last October, rates had breached the 7% mark, marking a 20-year high. However, in the subsequent months, rates had retreated as the inflationary pressures seemed to be waning, and by mid-January, they had dipped to around 6%. But now, as rates are inching closer to their peak of 7.37%, homeowners who had secured lower rates during the Pandemic Housing Boom or earlier are opting to hold onto their low rates instead of selling their properties. Many of these homeowners have mortgage rates of 3% or less, which they don't want to relinquish in the current market. Goldman Sachs reports that nearly 99% of borrowers have a mortgage rate below 6% or the current market rate, and over 28% of those have rates below 3%. All eyes are now on the upcoming release of the ISM Non-Manufacturing Prices report, which could determine the federal reserve's next move in terms of rates. With inflation persisting and showing signs of being "sticky," the central bank may feel compelled to take action to rein in inflation. The possibility of a rate hike could put further upward pressure on mortgage rates, making it more challenging for borrowers to secure affordable home loans.

Mortgage Rates Rise Above 7% Amid Growing Inflation Concerns

Unit Labor Costs Jump to 3.2% Quarter over Quarter, Double the Forecasted 1.6% Increase, Sending Bond Yields Surging <div class="se-component se-image-container __se__float-center" contenteditable="false" style="width: 75%; min-width: 100%;"><figure style="margin: auto; width: 75%;"><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20230302014557.png" alt="" data-rotate="" data-proportion="true" data-rotatex="" data-rotatey="" data-align="center" data-size="75%," data-percentage="75," data-index="1" data-file-name="labor cost.png" data-file-size="124513" data-origin="," style="width: 100%;"></figure></div> In a concerning turn of events, the latest report on Unit Labor Costs has revealed a significant increase from 2% to 3.2% quarter over quarter, far surpassing the predicted 1.6% forecast. This sudden spike has raised alarm bells for economists and investors alike.&nbsp;
 Unit Labor Costs measure the annualized change in the price businesses pay for labor, excluding the farming industry. It is a critical metric that provides insights into the overall health of the economy and is widely considered a leading indicator of consumer inflation.&nbsp;
 When Unit Labor Costs rise, businesses are forced to increase their prices to maintain their profit margins, which ultimately leads to higher consumer prices. This, in turn, can trigger inflationary pressures that can have serious implications for the broader economy.&nbsp;
 The unexpected surge in Unit Labor Costs has already started to have consequences in the bond market. Bond prices are plummeting, causing bond yields to skyrocket. The US 10 Year Treasury, a benchmark for long-term interest rates, is up 8.7 basis points to 4.079%, indicating that investors are concerned about inflationary pressures and the potential for higher interest rates in the future. <div class="se-component se-image-container __se__float-center" contenteditable="false"><figure style="margin: auto;"><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20230302014307.png" alt="" data-rotate="" data-proportion="true" data-rotatex="" data-rotatey="" data-align="center" data-size="," data-percentage="auto,auto" data-index="0" data-file-name="10year.png" data-file-size="191851" data-origin="," style=""></figure></div>

Unit Labor Costs Skyrockets, Sending Bond Yields Soaring

Mortgage rates have reached their highest point in four months, with the 30-year fixed mortgage rates increasing to levels last seen on November 9th, 2022. This surge can be attributed to various economic data, such as inflation reports from Germany and indicators of inflation in the US manufacturing sector. These factors have caused a notable upward pressure on the rate offerings of today. The Federal Reserve has been emphasizing that the rates are closely linked to economic data. The market has increasingly adhered to this viewpoint, and this has been reflected in overnight trading on the US 10 Year Treasury. The yield of the treasury points to an increase of over 4%, currently at 4.014%, marking an upward shift of 0.020%. The average mortgage lender has returned to the high 6% range, with several lenders now exceeding 7% for top-tier scenarios. Today, Christopher J. Waller, an American economist who has been a member of the Federal Reserve Board of Governors since 2020, will speak at 3 pm. The market will be closely following the Fed's communication for insights into the future trajectory of mortgage rates. <div class="se-component se-image-container __se__float-center" contenteditable="false"><figure style="margin: auto;"><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20230302121237.png" alt="" data-rotate="" data-proportion="true" data-rotatex="" data-rotatey="" data-align="center" data-size="," data-percentage="auto,auto" data-index="0" data-file-name="10year.png" data-file-size="191282" data-origin="," style=""></figure></div>

Mortgage rates have reached their highest point in four months

On March 1, 2023, the 10-year U.S. Treasury yield rose to 3.993, crossing the 4% mark for the first time since mid-November 2022. The increase in yield came as investors evaluated the most recent economic data and examined the potential impact of Federal Reserve policy. Minneapolis Federal Reserve President Neel Kashkari indicated that he is open to the possibility of a larger interest rate increase at the upcoming policy meeting, but he has not yet made a decision. <div class="se-component se-image-container __se__float-center" contenteditable="false"><figure style="margin: auto;"><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20230301092651.png" alt="" data-rotate="" data-proportion="true" data-rotatex="" data-rotatey="" data-align="center" data-size="," data-percentage="auto,auto" data-index="0" data-file-name="10 year.png" data-file-size="63191" data-origin="," style=""></figure></div> Given the current state of inflation, it is possible that the Federal Reserve may increase interest rates by 50 basis points, which could further impact Treasury yields. It remains to be seen how these developments will affect the market in the coming days. An inverted yield curve is often seen as a warning sign of an impending economic recession, as it suggests that investors have more confidence in the short-term outlook than the long-term outlook. This can lead to a decline in lending, borrowing, and investment, which can in turn lead to a slowdown in economic activity. <div class="se-component se-image-container __se__float-center" contenteditable="false"><figure style="margin: auto;"><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20230301094435.png" alt="" data-rotate="" data-proportion="true" data-rotatex="" data-rotatey="" data-align="center" data-size="," data-percentage="auto,auto" data-index="2" data-file-name="yield curve.png" data-file-size="31541" data-origin="," style=""><figcaption></figcaption></figure></div> The yield curve is currently negative with a spread of -0.885 between the US 2 Year Treasury and the US 10 Year Treasury, it suggests that investors are more pessimistic about the long-term economic outlook than the short-term outlook. This could be due to a variety of factors, such as concerns about global growth, trade tensions, geopolitical risks, or monetary policy shifts. It is important to note that while an inverted yield curve has been a reliable indicator of past recessions, it does not necessarily guarantee that a recession is imminent. Other economic indicators, such as employment figures, consumer spending, and business investment, should also be considered when evaluating the overall health of the economy. Additionally, the yield curve can change quickly and unpredictably, so investors should exercise caution when making investment decisions based on this or any other single indicator. Investors and financial analysts will closely monitor future economic data and developments in Federal Reserve policy. The next FOMC meeting is scheduled for March 21-22, 2023. In the meantime, market participants will be keeping a close eye on Treasury yields to determine their impact on various financial instruments and asset classes.

10-year U.S. Treasury yield crosses 4% mark for the first time since mid-November 2022

The Institute of Supply Management (ISM) Manufacturing Prices Index has come in higher than expected, indicating a hotter manufacturing sector than forecasted. The report, based on data compiled from monthly replies to questions asked of purchasing and supply executives in over 400 industrial companies, shows that the Prices Paid diffusion index has risen to 51.3, up from 44.5 in the previous month. The report is one of a number of indicators pointing to inflationary pressures in the economy. This news has led to a rise in bond yields, with losses becoming more pronounced throughout the day. The 10 Year US Treasury yields have increased by 3.5 basis points to 3.965, while mortgage-backed securities have dropped by a quarter point. The ISM report on business suggests that there has been a marked improvement in manufacturing conditions, with production and new orders both showing strong growth. This increase in demand has led to higher prices for raw materials and other inputs, which has in turn contributed to the increase in the Prices Paid diffusion index. The news is likely to be welcomed by manufacturers, who have faced a challenging period in recent years. The rise in demand for goods and services is expected to drive further growth in the sector, which could be beneficial for the wider economy. However, there are concerns that the rise in inflation could lead to higher interest rates and slower growth in the longer term. The ISM report on business is an important gauge of the health of the US economy and is closely watched by policymakers and investors alike. The latest figures suggest that the manufacturing sector is in good shape, but there are risks to the outlook, particularly if inflation continues to rise. For now, however, the news is likely to be seen as positive, with many hoping that the manufacturing sector can continue to drive economic growth in the months ahead. <div class="se-component se-image-container __se__float-center" contenteditable="false"><figure style="margin: auto;"><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20230301031708.png" alt="" data-rotate="" data-proportion="true" data-rotatex="" data-rotatey="" data-align="center" data-size="," data-percentage="auto,auto" data-index="0" data-file-name="mbs.png" data-file-size="142253" data-origin="," style=""></figure></div>

Manufacturing Prices Index higher than expected March 01 2023

The U.S. 6 Month Treasury Bill has been steadily rising and is currently at its highest level since January of 2007, with a rate of 5.138%. This news is significant because the 6 Month Treasury Bill is often used as a "cap rate" indicator in the real estate industry. A cap rate, or capitalization rate, is the rate of return on a real estate investment property based on the income that the property is expected to generate. Cap rates are calculated by dividing the property's net operating income (NOI) by its property asset value. In other words, cap rates are a way for real estate investors to evaluate the risk and potential return of a property investment. When the cap rate of a property is significantly lower than the yield that an investor can generate by purchasing a short-term US Treasury, such as the 6 Month Treasury Bill, that investor may be inclined to purchase the Treasury instead of the property. This is especially true when real estate prices are falling and the outlook for both the economy and the real estate market is uncertain. For example, the average cap rate in Austin, Texas is currently 3.43%. This means that if the 6 Month US Treasury Yield is below 3.43%, real estate investors may see more potential return in purchasing properties than in purchasing Treasuries. However, as long as the 6 Month Treasury Bill continues to offer a higher yield than the cap rate in Austin, we can expect investors to remain on the sidelines and hold off on purchasing real estate. The rising 6 Month Treasury Bill rate also has implications for the broader economy. As Treasury rates rise, borrowing becomes more expensive for businesses and consumers, which can lead to a slowdown in economic activity. Additionally, rising Treasury rates can cause stock market volatility as investors reassess the potential returns of different asset classes. In summary, the recent rise in the 6 Month Treasury Bill rate is an important development for both the real estate industry and the broader economy. As long as Treasury rates continue to outpace cap rates in real estate markets, we can expect investors to favor Treasuries over property investments, which may have broader implications for economic growth and market volatility.

<h2>Cap Rate vs US 6 Month Treasury</h2>
<iframe src="https://drive.google.com/file/d/1lSWqwNknfp3v9qidOrFBuaSlD7IReYdf/preview" width="100%" height="700px" margin="auto" title="Team Price Real Estate Statistics - Cap Rate vs US 6 Month Treasury"></iframe>

6 Month Treasury Bill at highest level since January of 2007

Mortgage Applications Decrease, According to Latest MBA Survey March 01, 2023 - According to the latest data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending February 24, 2023, there was a 5.7 percent decrease in the number of new mortgage applications compared to the previous week. This information is based on the MBA Mortgage Applications, which measures the change in the number of new applications for mortgages backed by the MBA. The Market Composite Index, which measures mortgage loan application volume, also decreased 5.7 percent from the previous week on a seasonally adjusted basis. The Refinance Index decreased 6 percent from the previous week and was 74 percent lower than the same week one year ago. The seasonally adjusted Purchase Index decreased 6 percent from one week earlier. Joel Kan, MBA’s Vice President and Deputy Chief Economist, explained that the decline in applications is due to the 30-year fixed rate increasing to 6.71 percent last week, the highest rate since November 2022. This resulted in a 6 percent drop in applications, following a brief revival in activity in January when mortgage rates dropped down to 6.2 percent. Kan also noted that data on inflation, employment, and economic activity have suggested that inflation may not be cooling as quickly as anticipated, which is continuing to put upward pressure on rates. This news may be concerning for those looking to purchase or refinance a home, but the MBA will continue to monitor the situation and provide updates as necessary. About MBA: The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry. MBA's membership base includes all sectors of the real estate finance industry including originators, servicers, brokers, and investors. <div class="se-component se-image-container __se__float-center" contenteditable="false"><figure style="margin: auto;"><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20230301124851.png" alt="" data-rotate="" data-proportion="true" data-rotatex="" data-rotatey="" data-align="center" data-size="," data-percentage="auto,auto" data-file-name="mortgage.png" data-file-size="542350" data-origin="," style="" data-index="0"></figure></div>

<h2>Mortgage Rates</h2>
<iframe src="https://drive.google.com/file/d/16FHdyfHRZWrvcXuxO3KqO2ukRtK8fOIP/preview" width="100%" height="700px" margin="auto" title="Mortgage Rates"></iframe>

5.7 Percent Decrease In The Number Of New Mortgage Applications

Housing Permits in the Austin MSA drops over 60 percent year over year. Largest drop since 2002.Austin, TX - The Austin-Round Rock, TX Metropolitan Statistical Area (MSA) has seen a significant drop in the number of new single-family homes authorized by building permits. According to data released by the U.S. Census Bureau, only 892 1-unit housing permits were issued in January of 2023, representing a year-over-year drop of -60.5% from January of 2022, when 2,256 1-unit housing permits were issued in the Austin MSA. This is the largest drop in housing permits since 2002.<div class="se-component se-image-container __se__float-center" contenteditable="false"><figure style="margin: auto;"><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20230228100154.png" alt="" data-rotate="" data-proportion="true" data-rotatex="" data-rotatey="" data-align="center" data-size="," data-percentage="auto,auto" data-index="0" data-file-name="permit.png" data-file-size="775960" data-origin="," style=""></figure></div> <div class="se-component se-image-container __se__float-center" contenteditable="false"><figure style="margin: auto;"><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20230228100330.png" alt="" data-rotate="" data-proportion="true" data-rotatex="" data-rotatey="" data-align="center" data-size="," data-percentage="auto,auto" data-index="1" data-file-name="permit2.png" data-file-size="232967" data-origin="," style=""></figure></div> The 1-unit structure type is a single-family home or house, which includes fully detached, semidetached (semidetached, side-by-side), row houses, and townhouses. For attached units, each must be separated from the adjacent unit by a ground-to-roof wall in order to be classified as a single-family structure.The decline in permits issued for new single-family homes is a reflection of the challenging housing market conditions in the Austin area.&nbsp;Although there are some indications of a slowdown in the Austin real estate market, there remain abundant opportunities for both buyers and sellers. The market boasts a wide array of properties, ranging from downtown condos to suburban homes, catering to the preferences of all types of individuals.

Housing Permits in the Austin MSA drops over 60 percent year over year, Largest drop since 2002

Tuesday, February 28 2023 : The Austin real estate market has experienced a significant increase in active listings compared to this time last year. 
 According to the Austin-Area MLS, there are currently 9,229 active listings, compared to 3,587 in February 2022. This represents a 4.82x increase in inventory, a significant shift in the market that has been dominated by low inventory levels for several years.
 With the increase in inventory, the Months of Inventory (MOI) has also increased to 4.31 months, up from 0.89 months last year. This indicates that the market is becoming more balanced, with buyers having more options to choose from. However, it's important to note that a MOI of 6 months is considered a balanced market, so the Austin real estate market still favors sellers.
 The average list price for active homes in the Austin-Area MLS is currently $640,891, which is a 9.71% increase year over year. However, the average sold price for homes this month is $530,556, representing a -10.43% year over year decrease. The median sold price for homes this month is $435,000, a decrease of -10.31% year over year.
 In the City of Austin, the median sold price has decreased by -3.6% year over year, from $588,000 to $567,046. This indicates that the market in Austin is experiencing some stabilization after years of rapid appreciation.
 Overall, the Austin real estate market is experiencing a shift towards a more balanced market, with increased inventory and a slight decrease in home prices. It is important to continue monitoring this trend and its potential impact on the economy and housing industry.

<h2>Residential Sale</h2>
<iframe src="https://drive.google.com/file/d/1hb4UmlQqvUWIwPNnXVOp13WXu0p9yO2H/preview" width="100%" height="700px" margin="auto" title="Team Price Real Estate Statistics - Residential Sale - V19 N09"></iframe>
 
<h2>Residential Lease</h2>
<iframe src="https://drive.google.com/file/d/1p4mwkwOxhmoXCdng5Lu-92D4_DJZlfgM/preview" width="100%" height="700px" margin="auto" title="Team Price Real Estate Statistics - Residential Lease - V19 N09"></iframe>

Austin Real Estate Statistics: Volume 19, Number 09

The US housing market continues to experience a downward trend, as reflected in the latest Case-Shiller House Price Index and the Federal Housing Finance Agency (FHFA) HPI for December. Both indices showed a decline in house prices, with the Case-Shiller National Index Seasonally Adjusted (SA) down -0.56% Month over Month, marking the seventh consecutive month of declines.The Case-Shiller Home Price Indices for December is a 3-month average of October, November, and December closing prices, with a significant lag in data due to including some contracts signed in August for October closing prices. When looking at each Metropolitan Statistical Area, the Austin-Round Rock-Georgetown, TX area is down -2.75% for the 4th quarter of 2022, making it the fifth-largest declining market in the nation.<div class="se-component se-image-container __se__float-center" contenteditable="false" style="min-width: 100%; width: 100%;"><figure style="margin: auto; width: 100%;"><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20230228034212.png" alt="" data-rotate="" data-proportion="true" data-rotatex="" data-rotatey="" data-size="100%," data-align="center" data-percentage="100," data-index="0" data-file-name="index.png" data-file-size="212479" data-origin="," style="width: 100%;"></figure></div> The four markets with a larger decline are Stockton, CA at -3.59%, Phoenix-Mesa-Chandler, AZ at -3.06%, Las Vegas-Henderson-Paradise, NV at -3.40%, and Boise City, ID at -3.28%. This trend could have various factors, including rising interest rates, inflation, and supply chain issues affecting the housing market.The housing market plays a crucial role in the overall health of the economy, impacting a wide range of industries and individuals. A decline in house prices could lead to a decrease in construction activity and related jobs, as well as a decrease in consumer spending due to decreased wealth effect.However, lower prices could provide an opportunity for first-time homebuyers and those looking to upgrade to enter the market. It remains to be seen how this trend will evolve in the coming months and what measures policymakers may take to address any potential issues.Overall, the continued decline in the National House Price Index signals a cooling down of the US housing market. It is important to continue monitoring this trend and its potential impact on the economy and housing industry.

National House Price Index decreased for the seventh consecutive month February 28 2023

The start of the new week has seen a slight decline in mortgage rates, with the average lender quoting conventional 30-year fixed loans at marginally lower rates compared to the previous Friday afternoon. Fixed Mortgage Rate closed the day at 6.78%, down -0.10%.While the changes are modest, with some borrowers not seeing any detectable difference from last week's rates, others may experience up to an eighth of a percent lower rates at best. However, rates remain significantly higher than at the beginning of February 2023, with the average lender moving up from 5.99% to 6.78% since then. There is a glimmer of hope for borrowers, as the pace of selloffs for mortgage-backed securities slowed significantly last week. The market had been moving towards higher rates for most of the month, but it appears that the market may have stabilized.However, the current stability remains uncertain, and changes could occur based on the release of this week's economic data or the impact of the Federal Reserve's policy outlook. While the Fed does not directly set mortgage rates, its long-term rate outlook can heavily influence mortgage and other interest rates.Overnight trading for the 10-year Treasury has seen a slight increase to 3.936%, up by 0.014%. The Home Price Index, which is a lagging indicator, is set to be released at 8 am today and should not significantly impact rates. However, the CB Consumer Confidence reading for February is an important indicator and could affect rates. Borrowers are advised to stay informed and monitor the market for any potential changes in mortgage rates.

Slight decline in mortgage rates February 27 2023

The housing market in the United States has seen its fair share of ups and downs in recent years. However, the latest data from the National Association of Realtors (NAR) suggests that the market may be on an upward trajectory, at least in the short term. According to the NAR, pending home sales in the US surged by 8.1% month-over-month in January of 2023, following a 1.1% rise in December of 2022. This beat market expectations of a 1% gain, and represents the biggest hike since June of 2020.The rise in sales was driven by falling mortgage rates in December and January, which made homes more affordable for buyers. Contract signings increased in all four major US regions, indicating a broad-based recovery in the housing market. However, it's important to note that year-on-year sales were down by 24.1%, suggesting that the market still has a long way to go before it fully recovers.NAR Chief Economist Lawrence Yun believes that home sales activity may be bottoming out in the first quarter of 2023, before incremental improvements begin to occur. Yun also predicts that an annual gain in home sales will not occur until 2024. In the meantime, home prices are expected to remain steady in most parts of the country, with a minor change in the national median home price.The recent surge in pending home sales is good news for the US economy, as the housing market is an important driver of economic growth. When home sales are strong, it creates jobs and boosts consumer confidence. It also leads to increased spending on home furnishings, appliances, and other related products and services. However, it's important to remember that the housing market is notoriously cyclical, and can be affected by a range of factors including interest rates, employment levels, and consumer confidence. As such, while the recent surge in pending home sales is encouraging, it remains to be seen whether this trend will continue in the coming months.The unexpected surge in pending home sales in January of 2023 is a positive sign for the US housing market. It suggests that falling mortgage rates have made homes more affordable for buyers, and that the market may be on an upward trajectory. However, it's important to remain cautious, as the housing market is notoriously volatile and can be affected by a range of external factors.&nbsp;The recent increase in mortgage rates has had a noticeable impact on the US housing market, with a decrease in mortgage applications being one of the most visible signs.&nbsp;The decrease in mortgage applications is a concerning sign for the US housing market, which has been a key driver of economic growth in recent years. When mortgage rates are low, it encourages more people to buy homes, which in turn creates jobs and boosts consumer confidence. Rising rates can have the opposite effect, discouraging potential buyers and slowing down the housing market. This can lead to a decrease in economic activity and lower growth rates.
 Overall, the recent increase in mortgage rates and decrease in mortgage applications is a reminder of the volatility of the housing market. While it's important to monitor these trends, it's also important to remember that the market can be affected by a range of factors, and that it can be difficult to predict its future direction with certainty.

Pending Home Sales See Unexpected Surge in January 2023

Austin, Texas, is a bustling city known for its music scene, cultural diversity, and high quality of life. With a thriving economy, growing population, and a thriving tech industry, it's no surprise that the Austin real estate market is also thriving. As of February 27th, there are 9,090 active residential listings for sale in Austin, TX. Let's dive deeper into the current state of the Austin real estate market.Price Drops and IncreasesOver 50% of the active listings in Austin have experienced a price drop, indicating a potential softening of the market. 4.2% of listings have seen a price increase, suggesting that some properties are in high demand. The remaining 45.3% of listings have not seen any changes in price.Vacant vs. Occupied PropertiesThe majority of active listings in Austin are vacant, accounting for 64.6% of all listings. 31.6% are owner-occupied, while only 3.5% are tenant-occupied. This is an important statistic for those looking to invest in rental properties.Days on MarketNearly half of all active listings have been on the market for less than 50 days, indicating that many properties are moving quickly. However, 38.7% of listings have been on the market for over 100 days, suggesting that some properties may be overpriced or not in high demand.Inventory TrendsWhile inventory is up slightly week over week, it is down 1.69% month over month. This indicates a potential slowing of the market, although the rate of change is small.New ListingsIn the past 7 days, 744 new listings have come on the market in Austin. 886 listings have had a price drop, while 133 listings have seen a price increase. This suggests that sellers are adjusting their prices to match market demand.Sold PricesThe average sold price for a home in Austin so far this month is $543,775, which is a 2.8% drop from the previous month and a 10.4% drop year over year. The median sold price this month is $440,000, which is a 2.2% drop month over month and an 11.6% drop year over year. These figures suggest that while the market may be slowing, it is still a good time to buy for those looking for a bargain.Overall, the Austin real estate market is showing some signs of slowing, but there are still plenty of opportunities for buyers and sellers. With a diverse range of properties available, from downtown condos to suburban homes, there is something for everyone in this vibrant city. Whether you're looking for an investment property or your dream home, now is a great time to explore the Austin real estate market.

Monday Market Summary February 27 2023

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New Resource City and Zip Code Price Index | Team Price Real Estate

Explore this new resource, the City and Zip Code Price Index, which showcases the median prices for the top 30 cities and 75 zip codes in Central Texas. The index includes an array of percentage differences, such as month-over-month, year-over-year, year-to-date, from the 12-month peak, and since January 2022. To dive into this data, consult pages 22 to 28 below:&nbsp;

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New Resource City and Zip Code Price Index

Published 03/14/2023 | Written by Dan Price

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