Austin Real Estate Update | April 2019

More homes were sold in the Austin area in February than in any other February on record. Looks like the selling season started early! Sales increased by 6 percent from February 2018 to February 2019 to 2,101 sales. There was an increase in active listings and housing inventory as well, indicating that the Austin housing market continues to move toward greater balance.

Last month, sales dollar volume within the five-county MSA increased year over year by 4.8 percent to $773,977,296. During the same period, new listings rose 7.3 percent to 3,015 listings; active listings increased 18.9 percent to 5,858 listings; and pending sales increased 16.6 percent to 2,715 pending sales. Monthly housing inventory increased by 0.3 months to 2.3 months of inventory. (information courtesy of ACTRIS)

This past week, Freddie Mac's chief economist noted, "Purchase mortgage application demand saw the second highest weekly increase in the last year and...overall mortgage demand rose to the highest level since the fall of 2016."

CoreLogic's chief economist added, "we expect mortgage rates to remain low and be a boost for the spring buying season," and that "could lead to a pickup in home price growth later this year."

Certainly something to consider if you are looking at buying or selling a home this year.