It’s that time of the month when figures are analyzed and reports are released on how Austin performed in the previous month. I’m checking out my 3 favorite resources (Austin MLS, Mark Sprague and Neal Spelce) to see if all are basically on the same page about the Austin housing market for July 2018. Many are expressing fear our market is slowing, that we’ve peaked and ready for a slide. Why the pessimism? Are we afraid of good news? Let’s check out the facts.
The Central Texas Housing Market Report released by the Austin MLS states that strong homebuying activity throughout the summer lead to double-digit home sales growth in July. The five-country Metropolitan Statistical Area (MSA) experienced the highest volume of home sales since July, 2011, and the highest median price record for any month. Buyers were out in force making offers in June and July homes sales enjoyed a record closing month. Strong Pending sales in July should mean August will close out the end of summer sales in another record making month!
Mark Spague spells out signs when a market is slowing:
1. Lack of GDP growth
2. Lack of job growth
3. Easy mortgage financing (requiring little to no down and easy qualifying)
4. New and resale inventory increasing
5. Other resale estate channels showing signs of overbuilding or slowing of values.
As he says quite the opposite is going on in Austin! We have a supply shortage which is causing home values to rise. All the signs point to continued solid home sales and commercial growth. Austin’s seen the longest streak of a sustained, positive run for over 9 years (6 years being the longest run).
According to Neal Spelce the 5-country Austin metro saw a 3.4% gain in percentage employment growth between June 2017 and June 2018 earning Austin the #2 spot nationally. The Texas economy is diversified so as Texas thrives, the Austin area benefits.
Its time to appreciate what we have going on in Austin.... It's an energetic, entrepreneurial city that many are clamoring to be a part of! Enjoy our success and be grateful we are in the right place at the right time to be living in Austin!
As always, what’s going on in Austin and real estate information is brought to you as a courtesy by Dorie Dillard, Coldwell Banker United, your NW Austin Real Estate Consultant.
If you’re thinking of selling your NW Austin home..Let’s talk! As with everything in life, preparation is the key and I will equip you what you’ll need to get you, as seamlessly as possible, through the home-selling process.
Hiring the RIGHT NW Austin Realtor is critical to your home selling success!
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