AUSTIN, Texas — A new report shows more housing inventory is becoming available in the Austin area.
The latest data from a report by the Austin Board of Realtors (ABoR) shows that there are about four months of inventory in the Austin-Round Rock housing market.
"That is how many months it would take, if not another house went on the market, to sell every house available right now, " ABoR President-elect Kent Redding said.
Redding said about five to six months worth of inventory is normal, but numbers are much better than they were two years ago, when the local inventory was about two weeks.
Currently, there are more than 10,000 listings on the market and houses are staying on the market longer. According to Redding, that's one of the factors for more inventory.
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"Interest rates are hurting us," Redding said. "It’s hurting buyers, so less buyers can qualify."
Redding said interest rates are currently around 7%. In the past, the rates had been around 3%. He said it's something buyers are going to have to get used to.
Currently, the median price for a home in the Austin-Round Rock market is just over $450,000, which is down 4% from a year ago. In Austin specifically, it’s at $536,000. During the pandemic, Redding said homes were around $600,000.
"Sellers are being more realistic in coming to the realization the market is different," Redding said. "Some sellers at still looking at a year ago, 'I could have done or might have done,' and it’s just an education of those sellers."
Redding believes more affordable housing could be coming to Central Texas.
"City council and land planners are trying to," Redding said. "Some current legislation ... to get more density on certain size lots. And if they can pull it out, builders can get out there and get it done."
Boomtown is KVUE's series covering the explosive growth in Central Texas. For more Boomtown stories, head to KVUE.com/Boomtown.