• Austin Real Estate Market Statistics

Austin Real Estate Market Statistics

Market Update With Ricky: April 2018

April's stats are in and Ricky is here to give you the scoop on what the Austin-Round Rock Metropolitan is up to. Check out Market Updates with Ricky: April 2018 edition, here!


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Monthly Market Updates with Ricky: February 2018

As first quarter comes to a close we are still seeing single-family home sales increase in the Austin-Round Rock Metropolitan. All signs are pointing towards another record year for home sales! Housing inventory levels are staying strong around 2.8 months, indicating it is still a HOT SELLERS MARKET. Remember, when housing inventory increases above 6 months this is the market naturally moving into what we consider to be a "balanced" market, which is vital for the long-term sustainability of our local economy. 
Housing prices still on the incline with the median of single-family houses up 9.1% in the city of Austin! Whether you are a buyer considering to make a move or a seller who is looking to preserve your equity, now is the time to explore your options in today's market! Call us today for a real-time assessment ...

Monthly Market Updates with Ricky: December 2017

In the city of Austin, the median price for single-family homes increased annually to $362,000, an all-time high, and sales increased annually by 2.5 percent to 9,278 sales. In December, sales increased by 13.4 percent to 802 sales for the month, a contrast from October and November when the city saw declining sales. Housing inventory decreased year over year from 1.6 months of inventory in 2016 to 1.5 months of inventory in 2017.

Join Ricky as he goes through December 2017 Market stats and explains the changes we are seeing in the Austin Real Estate Market.  

Market Update December...

Want to Know What your Home is Worth?

Here at the Cain Team, we know you have tons of questions just waiting to be answered. Want to see how homes within a five-mile radius of your home are selling? How do the actual selling prices compare to listing prices in your area? We've got answers! 

Get set up on our ...

Austin Real Estate Experiences the Hottest Summer Ever

According to the Austin Board of Realtor's August 2017 report, we just experienced the best summer selling season Central Texas has ever seen. This selling season is the strongest on record in terms of single-family home sales and median prices across the area. This was caused by the rise in home prices as well as the surge in sales.

Brandy Guthrie, 2017 President of the Austin Board of REALTORS­®, commented: “The Central Texas housing market just experienced the strongest summer selling season on record. The Austin-Round Rock MSA saw record-breaking growth, during which median price topped $300,000 and home sales volume topped $1 billion four consecutive months in a row.”

While home sales increased and prices grew, housing inventory was also on the high-rise. This change is normal as we are seeing positive upticks in housing inventory across our region. Check out the August 2017 Stats below.

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Monthly Market Updates With Ricky!

The housing market has changed exponentially since this time last year, and Ricky is here to explain why! Get the scoop with our Monthly Market Updates with Ricky! 

 

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Typical Mortgage Taken Out by Americans in Recent Years Have Been the Largest on Record

The continuous increase of home prices in the past few years was mainly caused by an unbalanced housing market. There was just too many people looking to buy a home but not enough homes available to keep up with the demand. As a result, Americans are taking out the largest mortgages on whatever homes they can find.

A recent analysis of data conducted by the Mortgage Bankers Association confirmed this trend, as survey data reveals that spending on homes in 2016 and early 2017 have been the highest on record since 1990.

Higher prices have a few different effects on the market. Buyers have to make tradeoffs on the kinds of homes they can afford, or may be shut out of ownership altogether.

They may also adjust their borrowing. Larger mortgage sizes may reflect not just more expensive properties, but also more leveraged ones.

The 20% down payment is a relic: the ...

Housing Shortage Will Make Homes More Expensive this 2017

A growing concern among real estate analysts is that young buyers might be getting shut out of the market as home prices rise to an all-time high in nearly two decades due to a severe shortage in homes available for sale.

In a recent report compiled by the National Association of Realtors, it was found that there is an 89% increase in the median sales price of existing single-family homes in key metropolitan cities in the U.S. in the 4th quarter (as compared to last year's data). The previous quarter before that showed an 87% increase compared to last year's figures. Over half of 178 markets included in the report have reached or surpassed previous sales price peaks in their respective areas.

Lawrence Yun, chief economist of the National Association of Realtors, explains...

2016 is Best Year for Existing Home Sales in a Decade

December 2016 Housing Snapshot2016 is a year of frustrations as a shortage of available homes on the market gave buyers a tough time. However, a recent report compiled by the National Association of Realtors® indicates that 2016 is, in fact, the best year for existing home sales in a decade.

Over 5.45 million homes were purchased in 2016-- the highest since  2006 when 6.48 million homes were purchased. The data has been pre-adjusted to account for seasonal fluctuations over a 12-month period, so Realtor®'s recent report has been verified.

Joe Kirchner, a senior economist at Realtor.com®, says that the recovery from the U.S. housing bust is still ongoing. And with incomes getting higher,...

U.S. Home Prices Surges; Surpasses 2006 Price Highs

U.S. home prices surpassed their 2006 peak in September, according to a recent report, despite a topsy-turvy presidential race that had housing experts betting that buyers would hold off on closing on the homes of their dreams until after the election.

“A lot of that recovery has come in the last four years” as the economy has strengthened and created more higher-paying jobs, says Taimur Khan, a senior research analyst at Knight Frank, which produced the report.

That’s made more potential buyers feel financially secure enough to become homeowners, boosted the confidence of lenders, and led more homeowners to seek to cash in on their home equity by selling, he says.

Yet not enough homeowners are selling to keep up with growing demand, and the lack of new home construction over the past few...

Newcomer Domains in Austin Identified by ABJ Report

With the surge of millennials, investors, businessmen, and retirees to Austin, we can't help but wonder where all these new people are buying. After all, the knowledge can be helpful in several ways: we can either invest in newcomer's domains in expectation of a generous ROI, or we can monitor how our very own community is faring with regards to new development-- thanks to the surge (or lack thereof) of new home owners.

The Austin Business Journal created an interactive map (see right) that shows areas in Austin where new home owners are settling. Areas shown in red display higher proportions of residents who have moved in since 2010. Yellow areas, on the other hand, are the areas of the "locals" or residents who have lived in the area before the surge of "new blood".

The U.S. Census Bureau reports...

The Perfect Time for Real Estate Investment

MarketWatch recently reported that now is the best time to invest in real estate. Jeff Reeves, a MarketWatch columnist, dispels the rumor that  another housing crisis is looming overhead. He believes that home buyers are more responsible with their home loans, thereby preempting another housing crisis from taking place. 

Reeves, also an editor of InvestorPlace.com, writes, “...whether it’s stricter lending standards, a shift in attitudes among borrowers or simply the nation getting wiser about the risks of real estate, we’re hardly seeing irresponsible buying in 2016.” Reeves believes that the housing market is healthy and that it will continue to "steadily and organically appreciate."

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Austin Ranked as One of U.S.' Hottest Real Estate Markets

While rising home prices may be an indicator of an impeding housing bubble, experts clarify that this may not always be the case. There are certain markets where rising home prices and increasing bidding wars are actually caused by housing shortage and not a housing meltdown. Realtor.com chief economist Jonathan Smoke says, “only the most qualified buyers are able to get financing... ...flipping is back to normal. And we’re building about half as many homes as we need.” 

Analyzing 50 of the largest metro markets in the nation and looking at their housing trends for the past 15 years, they found that there are certain markets where high prices can't be sustained and are showing signs of overheating. Smoke would like to clarify, however, that none of these metros are in "bubble territory". Smoke says some markets are facing certain...

Facts about Foreign Home Buyers in the U.S.

Data from the National Association of Realtors (NAR) shows that foreign home buyers have invested over $102.6 billion on 214,885 properties from April 2015 to March 2016. The top home buying country for two years in a row is China, followed by Canada, India, the U.K., and Mexico.

Half of foreign home buyers pay in cash when purchasing a home. And 65% of all investments are detached single-family properties. Because of the diaspora of expats and buyers based abroad, the properties purchased are main residences and vacation homes.

Data suggests that foreign home buyers are buying in almost all states, but 5 states made up 51% of purchases in the period covered by NAR's report. Here are the Top 5 Preferred States by Foreign Home Buyers, their corresponding percentage of sales, and the median purchase prices in each area:

5. New York (4%)- $542,084 (Chinese buyers)

4. Arizona (4%)- $222,310 (Canadian buyers)

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Are Low Credit Scores Keeping Millennials from Buying a Home?

A recent TransUnion survey found that a third of American millenials aged 18 to 34 are looking to buy a home within the next 12 months, but 43% of them have subprime credit scores.

TransUnion senior vice president Ken Chaplin says that credit scores are important in the home buying process. Credit scores is a huge factor that affects the size of the mortgage payment, the interest rate on a home loan, and even whether or not a home buyer will be qualified for a home loan.

“People with subprime credit may face financial barriers to homeownership, making it difficult for their dream home to become a reality.”

--Ken Chapin, Senior Vice President, TransUnion

TransUnion also found that a third of millennials aged 18 to 34 have VantageScores between 300 and 600-- scores that are regarded as subprime. Their average VantageScore for millennials is at 625; approximately 42 points lower than the...

We’re Not in a Housing Bubble. Here’s Why:

The trend in recent years shows that home prices in the U.S. have seen a constant increase, in spite of wages staying pretty much the same. Add the fact that credit conditions are loosening, and you've got all the ingredients you need for the next housing bubble. Are we really headed for another one?

In a column written by National Asociation of REALTORS® chief economist Lawrence Yun for Forbes.com, he discounts those warnings.

Yun acknowledges that home prices are rising at 3 to 4 times the rate of wage increases. He also notes that credit conditions are loosening and making it easier for more people to buy homes. BUT, "Even though the credit conditions appear to be easing somewhat, the move is from overly stringent conditions to not-so-overly-stringent conditions," Yun writes. "It is a far-fetched view to imply the current mortgage approval process in any way resembles the loosey-goosey, easy subprime mortgage access conditions of a decade ago."

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Why Your Home Buyers Really Need to Hurry

The National Association of REALTORS predicts that the home buyers will outnumber home sellers this spring. Due to the rising trend of home prices on the market, NAR chief economist Lawrence Yun predicts that “more people will be pushed on the borderline of conventional mortgage limits and may need a large down payment or a jumbo mortgage.”

The median price for an existing single-family home in January 2016 was $213,800- higher by 8.2% from last year’s data. Home prices are moving at the highest rate since April 2015. Bob Walters, chief economist of Quicken Loans, attributes this to a decade’s worth of pent-up demand.

But in spite of the pricier tags, home buyers are still encouraged to take advantage of the market and invest in a property this spring. Keith Gumbinger, vice president of HSH.com, reveals that mortgage rates are forecasted to stay low, and you can expect your 30-year fixed-rate mortgage to stay...

Why 2016 is the Best Year to Buy a Home

Fact 1: Interest rates for home loans are currently at a LOW 4.01%

Fact 2: Interest rates for home loans are forecasted to climb to 4.80% in 2017

--Freddie Mac and Bankrate

While a 0.80% difference may not sound much, it actually translates to an additional $67,000.00 in payments for a 30-year mortgage for a home worth $250,000.00. That’s an additional $186.20 you have to pay on top of your monthly mortgage for the next 30 years, which can alternatively be used for buying a new car or weekly dinner-out indulgence for your family to enjoy, had you decided to buy a home a year earlier.

This forecast is especially applicable to Austin where home prices are expected to soar alongside increases in interest rates, thanks to the astounding performance of Austin’s economy. And as a ...

Record of Pending Home Sales Signals Continued Growth of Austin Real Estate

FreeImages.com | Roland MaierRealtorMag.com posted an article that announced the National Association of Realtor’s (NAR’s) latest report on pending contracts for homes in May. Based on their assessment, pending contracts for real estate purchases is at the highest level since April 2006. The 9-year record indicates that housing markets have recovered from the housing bubble disaster in 2008.

According to the report, NAR's Pending Home Sales Index rose 0.9 percent in May to 112.6, which is nearly at the 113.7 level it reached in April 2006. Lawrence Yun, NAR's chief economist, said that "The steady pace of solid job creation seen now for over a year has given the housing market a boost this spring.” He also stated "It's very encouraging...