HOME SALES
2022 REAL ESTATE EDITION
As Austin’s housing stock creeps up, home prices remain high
HOUSING INVENTORY
Real estate agents measure how many months the availability of homes could sustain buyer’s demand. Central Austin Austin Metro
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BY DARCY SPRAGUE
mortgage rate was 3.11%, according to data from Freddie Mac. That number peaked at 5.81% on June 23 and was at 5.3% as of July 7. The record high home prices mean a jump in the mortgage rate can amount to hundreds added to buyers’ monthly bills. However, Contaldi said prices have not been signi cantly impacted. “There are still more buyers than available homes,” she said. Contaldi predicts the market will continue to grow as more homebuy- ers enter the market. She points to data showing home prices only dipped during two of the last six recessions—1991 and 2008. She also said it will take time for interest rates to move back down. “The old saying [goes] when rates rise they take the elevator, and when they come down they take the steps,” Contaldi said.
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As mortgage interest rates rise, experts are starting to see a slight slowdown in the Austin housing market with prices plateauing at record highs. In May, Central Austin had 1.2 months of inventory—the measure used to determine how long the available housing stock would sustain demand. That number is double the May 2021 level and outpaces all of the 2020 and 2021 summers. However, prices remained high, reaching a median of $810,000, per Austin Board of Realtors data. Austin real estate agent Lisa-Marie Contaldi, founder of Intero Real Estate, said Austin is starting to see a “little shift” in the market. “The rst six months of 2022 has been all about a quick, unforeseen rise in mortgage rates,” Contaldi said. On Jan. 30, the national average
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MEDIAN HOME PRICES IN CENTRAL AUSTIN
$525,000 June 2022 $787,500 June 2021 $701,000 June 2020
+33.52% +12.34%
SOURCE: AUSTIN BOARD OF REALTORS COMMUNITY IMPACT NEWSPAPER
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The materials, designs, square footages, features and amenities are artistic or digital renderings and are subject to change. No guarantee is made that the building or the condominium units will be of the same size or nature as depicted or described. We are in compliance with Title VIII of the Civil Rights Act of 1968. We have not, and will not, either directly or indirectly, discriminate against you or any other prospective purchaser on the basis of race, color, religion, sex or national origin.
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NORTH CENTRAL AUSTIN EDITION • JULY 2022
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