There’s a lot of confusion in the market about what’s happening with day-to-day movement in mortgage rates right now, but here’s what you really need to know: compared to the near 8% peak last fall, mortgage rates have trended down overall. And if you’re looking to buy or sell a home, this is a big deal. While they’re going to continue to bounce around a bit based on various economic drivers (like inflation and reactions to the consumer price index, or CPI), don’t let the short-term volatility distract you. The experts agree the overarching downward trend should continue this year. While we won’t see the record-low rates homebuyers got during the pandemic, some experts think we should see rates dip below 6% later this year. As Dean Baker, Senior Economist, Center for Economic Research, says: “They will almost certainly not fall to pandemic lows, although we may soon see rates under 6.0 percent, which would be low by pre-Great Recession standards.” And Baker isn’t the only one saying this is a possibility. The latest Fannie Mae projections also indicate we may see a rate below 6% by the end of this year (see the green box in the chart below):     The chart shows mortgage rate projections for 2024 from Fannie Mae. It includes the one that came out in December, and compares it to the updated 2024 forecast they released just one month later. And if you look closely, you’ll notice the projections are on the way down. It’s normal for experts to re-forecast as they watch current market trends and the broader economy, but what this shows is experts are feeling confident rates should continue to decline, if inflation cools. What This Means for You But remember, no one can say for sure what will happen (and by when) – and short-term volatility is to be expected. So, don’t let small fluctuations scare you. Focus on the bigger picture. If you’ve found a home you love in today’s market – especially where finding a home that meets your budget and your needs can be a challenge – it’s probably not a good idea to try to time the market and wait until rates drop below 6%. With rates already lower than they were last fall, you have an opportunity in front of you right now. That’s because even a small quarter point dip in rates gives your purchasing power a boost. Bottom Line If you wanted to move last year but were holding off hoping rates would fall, now may be the time to act. Let’s connect to get the ball rolling.

  Optimism in the Air The Austin housing market has entered 2024 with a spring in its step, as both buyers and sellers start to feel more hopeful about their prospects. A fresh report from the Austin Board of Realtors paints a picture of a market that's beginning to bounce back, with some encouraging figures to boot. Sales and Prices: A Snapshot In a revealing analysis by Unlock MLS, the Austin-Round Rock-Georgetown metro area saw a modest yet positive movement in its housing scene. January witnessed a 4.3% increase in home sales and a 3.8% rise in pending sales compared to last year. The median price slightly adjusted to $430,000, indicating a market responding to recent shifts in mortgage rates. Mortgage Rates and Market Dynamics The narrative of the past year has been one of adjustment, with mortgage rates peaking and then declining towards the end of the year. This change has translated into a boost for buyers, offering them more purchasing power and contributing to the uptick in home sales in January. However, the quest for more affordable housing in Central Texas is far from over. City-Specific Insights Zooming into Austin, the city saw 520 homes sold at a median price of $534,500. The surrounding counties each tell their own story, with Travis County experiencing a slight dip in median prices and Williamson County showcasing a stable market. Hays County, on the other hand, enjoyed a significant increase in home sales, while Bastrop and Caldwell Counties saw remarkable growth in both sales and listings. Looking Ahead The Austin housing market's early performance in 2024 suggests a cautiously optimistic outlook. Efforts continue to ensure that affordable housing becomes more accessible, with a focus on supporting first-time homebuyers and those in greatest need. The collective push towards more inclusive housing policies signifies a hopeful direction for Central Texas's real estate landscape.

January Data Signals Optimism in 2024 for Austin Area Diving into the January 2024 data, there's a wave of optimism sweeping through the Austin area's housing market. The recent report from Unlock MLS has brought some cheerful news: a 4.3% increase in residential home sales, totaling 1,667 closed transactions, and a 3.8% rise in pending sales, with 2,480 listings in the pipeline. This uptick signals a vibrant start to the year, offering more possibilities for both buyers and sellers as we navigate the evolving market landscape. Clare Losey, Ph.D., a housing economist with Unlock MLS and the Austin Board of REALTORS®, highlights the impact of recent mortgage rate shifts. These adjustments have not only contributed to more affordable housing prices but have also spurred an increase in sales activity. The Austin-Round Rock area, in particular, has seen a continued decline in median sales prices for the fifteenth consecutive month, making the market more accessible for aspiring homeowners. Despite these positive trends, there's a collective push towards expanding affordable housing in Central Texas, a goal that remains a priority for ABoR. Kent Redding, the 2024 president of Unlock MLS and ABoR, sheds light on the role of Unlock MLS in equipping REALTORS® with the most comprehensive and current listing data in Central Texas. This dedication to offering a reliable and transparent marketplace is central to ensuring that Central Texans have the best information at their fingertips. It's all about providing an accurate and timely analysis of the Austin-area housing market, month by month. Here's a snapshot of the market by area: Austin Round-Rock MSA: An increase in residential homes sold coupled with a moderate decrease in median home prices, broadening options for buyers. City of Austin: Slight variations in sales numbers, but an increase in active listings suggests more choices for buyers. Travis County: The market shows resilience with a slight decrease in sales but an increase in active listings. Williamson County: The market is buzzing with a significant rise in home sales and new listings. Hays County: Home sales and pending sales are on the up, with a notable drop in median home prices. Bastrop County: The market is thriving with a substantial increase in home sales and pending sales. Caldwell County: A dramatic increase in home sales and pending sales, despite a dip in median home prices. For those interested in delving deeper or downloading the full January 2024 Central Texas Housing Market Report, it's available at ABoR.com/MarketStatistics. At Realty Haus, we're about more than just the numbers; we're about fostering community and helping dreams come to fruition. We're eager to see how the market unfolds in 2024 and are here to provide insights and guidance every step of the way.

Latest Figures (as of February 7, 2024, 2:20 PM): Units Sold: 1,838, a slight decrease of 0.05% from January 2023. Note: This number is subject to change as more sales are recorded in the MLS. Average Sales Price: $526,730, showing a 2.86% decrease compared to last January. Days on Market: Homes are now taking an average of 90.28 days to sell, which is 19.83 days longer than the same period last year. Median Sales Price: Currently stands at $425,000, down 3.19% from the previous year. Weekly Update (January 28 - February 3, 2024): New Listings: Saw a significant jump, up 61.98% compared to the same week in 2023. Sold Listings: Increased by 13.97% from the same week last year. Months of Inventory: Slightly decreased to 3.34 months from 3.36 last week, compared to 2.86 months a year ago. Median Sales Price for the Week: Rose to $442,990. Market Activity: With 9,351 homes on the market, there have been 996 price reductions in the past week, making up 10.7% of active listings. Pricing Trends: Year-to-Date Comparison: The average sales price for January dipped by 2.86% to $526,730, with the median at $425,000. This compares to last year's average of $542,225 and median of $439,000. Current Inventory Overview: Total Active Listings: 9,351, with an average list price of $783,011 and a median of $517,000. Luxury homes (priced above $1 million) constitute 16.2% of the listings, predominantly in the $1 to $1.9 million range. Active Under Contract: 1,539 listings are currently in this status, with an average list price of $603,432. The luxury segment of these listings varies significantly by price range.     Year-to-Date Sold Data Comparison (January 1 - January 31): Year Ttl Sales Avg. Sales Price Avg. Days on Market Median Sales Price 2023 1,839 $542,225 70.45 days $439,000 2024 1,838 $526,730 90.28 days $425,000 Change -0.05% -2.86% +19.83 days -3.19% Historical Data Summary: Active Listings: Reflecting an upward trend from 5,296 in 2014 to 9,351 in 2024. Total Pending Sales: Have seen fluctuations over the years, with a peak in 2022 (5,590) and a recent count of 2,410 in 2024. This concise overview provides a snapshot of the latest trends and shifts in our local real estate market, offering valuable insights for homeowners, buyers, and investors alike. Stay tuned for more updates and in-depth analyses from Realty Haus.