Housing inventory is up for the month of February, according to the latest Central Texas Housing Report by the Austin Board of Realtors. Home buyers gained some new leverage across the Austin-Round Rock area as inventory climbed to 2.6 months. The increase is fueling new confidence in the market from both realtors and home builders in Central Texas, ABoR said.
“Austin’s housing market is trending in the right direction. Buyers have more options and negotiating power with each passing month, and sellers have more time to make their next move,” Ashley Jackson, 2023 ABoR president, said. “Remember, a healthy housing market isn’t defined by breaking records every month, but by market activity that’s steady-paced and sustainable.”
Coming off two unprecedented years for the Austin-Round Rock housing market, Jackson added that month-to-month data is important to help contextualize current figures against an overall trend of market stabilization.
“Looking at the month-to-month data, we see that pending sales are consistent or rising in neighborhoods that are typically more affordable in areas outside Austin city limits. Along with rising inventory, that’s a good sign for housing market activity this spring.”
Taylor Jackson, chief executive officer of the Home Builders Association of Greater Austin, explains that builder confidence is growing and encourages a broader perspective when looking at Austin’s housing market and home building industry.
“With each passing month, homebuilders are gaining more confidence in the stability of our housing market. This is evidenced by fewer cancellations and minimized supply shortages. Additionally, first quarter sales incentives have remained strong and for the first time in a long time, builders have a renewed sense of optimism in the direction the market is heading.”
