The Austin TX Housing Market is in BIG Trouble

Trouble is brewing big time in the Austin, Texas housing market. The amount of homes for sale this April skyrocketed to at least a 7-year high (i.e. higher than any other month since at least January 2017 per ResiClub Analytics). This is wild given the fact that inventory tends to peak in the summer months, not early Spring in the Austin Texas real estate market. Inventory is surging due to declining demand and a significant rise in the number of new listings. According to data from Redfin for the four weeks ended May 5, 2024, new listings increased to at least a 3-year high (during the same time period) and up 13% year-over-year. However, despite this rise in new inventory in Austin Texas, pending home sales fell to a 3-year LOW for that same time frame (and decreased 6% YOY). Additionally, the share of price reductions rose to at least a 5 year high as well for the first week of May each year.

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Source of reports I shared:
https://www.resiclubanalytics.com/

https://www.redfin.com/news/data-center/

https://altosresearch.com/

https://www.newhomesource.com/single-family-homes/tx/austin-area

To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30 yr fixed mortgage rate is around 7.2% for the current mortgage rates (at the time of filming this video for those with excellent credit).

Comment below: what’s your housing market forecast? Do you think a housing crash will happen or are your housing market predictions that the real estate market and home prices will continue to surge?

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Jason Walter, CPA (inactive CPA lic 103885)
Sacramento real estate agent and native (DRE 01923240)
Mortgage Loan Officer, NMLS 2566691
Revest Homes (DRE 02174879, NMLS 2362319)
[email protected]

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Disclaimer:
Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video - it is for entertainment purposes only.

This video description may contain affiliate links that allow you to easily find the items mentioned in my videos as well as support the channel at no cost to you. Thank you for your support! Jason Walter is a licensed real estate agent and mortgage loan originator with Revest Homes in California (DRE 02174879, NMLS 2362319).

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