A More Balanced Market

If you read through the ABOR report you’ll find a lot of similar data info across the various counties. Pending contracts are down, days on the market are up, as are the median home prices, now in single digits as opposed to the double digit increases we’ve become used to. While you’re likely hearing a variety of opinions about the Central Texas housing market, here’s a snapshot of what is happening now. You can see that we do have more inventory (a good thing). The months of inventory now is more normal and moving towards a balanced market which levels the playing field between buyers and sellers (another good thing).  And while average sold prices are still on the rise, they're now in single digits.

What is concerning to many buyers at this point is the high mortgage interest rates. To afford the payment on a median priced home, the percentage of the median income now required is hovering around 50%. Compare that to the 28% it was in January 2020 and it's understandable why some buyers are staying on the sidelines for the time being.