Finally, some good news for the Austin area’s housing market... It’s calming down, says Austin's Culture Map.
Home prices are no longer rising at a significant month-to-month clip.
“The region’s housing market is calming compared to the hectic pace experienced at the beginning of the year,” Susan Horton, president of ABoR, says in a news release.
“While it wouldn’t be appropriate to say market conditions are normalizing — inventory is still at an all-time low and homes are still selling as soon as they hit the market.
I heard it best said recently that, we're going from a 220 MPH to a 180 MPH pace. Better but not truly slowing down. Zillow describes the housing market as transitioning from “white hot” to just “red hot.”
“Home price appreciation is difficult to forecast, but we expect home price growth to slow down from historic highs,” Chris Glynn, an economist at Zillow, tells Fortune.
Fortune says: The effects of COVID-19 on the housing market—recession-induced low mortgage rates coupled with the work-from-home trend — are still at play and driving the housing market forward.
While inventory is rising again, it’s still well below pre-pandemic levels and simply unable to meet the current demand. Cue higher prices. Of course, they weren’t even close: The housing market during the COVID-19 pandemic has been among the tightest and most competitive in U.S. history.
With the continued lack of inventory, if you're considering a move, it's a good time to list your home. It's also a good time to purchase with the increasing rates pushing forward.