Austin Business Journal shares, "New listings for homes for sale in the Austin metro surged in February, a rise driven largely by lower-priced homes that are considered affordable for first-time homebuyers, according to data from the Austin Board of Realtors.
February saw 3,915 new home listings in the metro, according ABOR’s latest market report. That’s up from just 3,064 in January, and an increase of more than 40% year-over-year from the 2,764 new listings reported in February 2023.
ABOR housing economist Clare Losey said many of the new listings are for homes priced under $400,000.
“Higher home prices and mortgage rates have diminished affordability for first-time homebuyers over the past few years, but February provided encouragement for these aspiring homeowners,” Losey said in a statement. “We’ve witnessed a significant surge in new listings, predominantly among more affordable and attainable homes—particularly those priced under $400,000. The increase in housing options presents a promising opportunity for Central Texans who want to become homeowners.”
For reference, a home with a median value of about $400,000 requires a minimum annual income of about $98,000 to afford it, according to a Business Journals analysis of data from Zillow Group Inc. for November 2023. The median family income for a two-person household in Austin was $97,850 in June 2023, according to the city's Housing Department.
Despite the increase in lower-priced listings, however, the median sales price of homes still ticked up in February — to $443,065, compared with $430,000 in January and $436,419 in February 2023.
February also saw a rise in closed sales, from 1,667 in January to 2,144 last month.
The coming months could see the increase in closed sales continue, said 2024 ABOR president Kent Redding.
“The spring homebuying season is typically a busy period, especially in the Austin area, where over 35% of annual sales occur between March and June,” Redding said in a statement. “Buyers are keen on securing homes before the fall and the upcoming school year in August, drawn out by the enhanced curb appeal and favorable weather conditions.”
In total, February saw $1.2 billion worth of homes sold across the metro."
Source: Austin Business Journal
Written by: Cody Baird
Published: March 15, 2024
Posted by Grossman & Jones Group on
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