The Austin Board of Realtors can provide a comparison from a year ago. June 2021 had less than a month of housing inventory.
This year, June 2022, had a little more than 2 months and the coming report for July is expected to show a 3-month supply. The average time on the market also continues to increase.
"We're no longer seeing 40 offers sent in on the first day," said Cord Shiflet with the Austin Board of Realtors."We tend to see a bust come when speculation happens. And we have not seen people speculating on this market. So in my mind, after doing this for 25 years.Summers have historically been just dead. It gets so hot here. No one wants to be in town. Everybody takes a trip to break the heat. The realtors kind of go out and play a little bit.
The recent increase in interest rates was dismissed as a big reason for the sales pause. Shiflet noted rates are still historically low. But for those who recently bought homes well over asking price, the assessment is not as clear-cut. "That's going to be a gut check question for me. And I'm going to say I haven't seen anybody lose money on houses. I've seen sellers that had it in their head, hey, you know, we can just crush it on this market compared to what we can get a year ago. And they're having to get those expectations more in line," said Shiflet."If it came to the point that I don't get the price I want.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
City of Austin confirms neurotoxin found in algae at Barking SpringsDr. Bellinger is warning dog lovers to stay away from Barking Springs after his department found a powerful neurotoxin in an algae sample taken there on July 11.
Read more »
Several homes threatened by brush fire in South AustinA brush fire in south Austin was knocked down by AFD crews Monday evening.
Read more »
Large meteor causes sonic boom, illuminates sky, possibly crashes near AustinThe fireball was spotted throughout Louisiana, Oklahoma, and Texas. According to the American Meteor Society, they received more than 200 reports on the meteor.
Read more »
Austin Fire takes home gold in Texas Firefighter OlympicsAFD is now home to the best firefighter basketball team and firefighter pickleball team in Texas.
Read more »