AUSTIN, Texas — Houses for sale around the Austin area sat a little longer for the month of June.
That prompted broker and owner of Spyglass Realty Ryan Rodenbeck to post on social media a video where he asks, "are we seeing a slowdown in the Austin real estate market? Are we approaching what could be a bubble?"
We reached out to find out.
"Yes. So you have to put that in perspective about the market slowing down," Rodenbeck said.
Rodenbeck points to the Housing Report, an analysis of MLS data by Chris Jacobs, another real estate expert.
He said it shows an increase in housing inventory for June.
"We started seeing the agents were saying that they're seeing less multiple offers. I mean, at one point, we were looking at 40, 50, 70 offers on a listing that went down to 30, 10," he said.
He also points to homes spending more days on the market as a sign of a slow down.
"What we've done is we've gone from about a single-digit days on market, under 10, to like, 15 to 16 days on market," Rodenbeck.
While Austin Board of Realtors CEO Emily Cheneverte agreed with Rodenbeck's observations, she said, "I don't know that I would call it a slowdown ... the best way to describe this market is a fast-paced one and the fastest one that is still a strong seller's market."
Rodenbeck and Jacobs said they believe Austin is transitioning to a more stable housing market.
As people now are opting to take vacations after the pandemic kept them from traveling for more than a year, they said homes will still sell at a record pace, just at a slower rate because Austin after all is still a red-hot housing market.
We also reached out to Chad Durham, the president of the Home Builders Association of Greater Austin. He is also the division president of David Weekley.
Durham wrote, "from the builder perspective, there hasn’t been a slowdown in demand. Many volume builders hit the pause button on selling built-to-order homes because of cost and supply-chain volatility and have moved to selling spec/inventory homes instead. This approach allows builders to price homes after they have started construction when costs are more predictable. This caused a temporary slow-down in builder sales and an influx of inventory ... lumber prices have decreased. According to recent NASDAQ reports, lumber has decreased to pricing seen in January 2021. However, when comparing lumber prices year-to-year, prices remain at record highs despite the recent decrease."
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