A big chunk of homes linger on the market

Over 42% of Austin home listings were on the market for 60 days or longer in April, as reported by Redfin. This trend reflects a national inventory issue, with nearly $700 billion in homes available for sale, the highest since 2012. Despite the abundance of choices, affordability remains a significant barrier for many buyers, especially first-timers, due to high prices and mortgage rates close to 7%. In May, the median home price in greater Austin was $449,900, down 1. 6% from the previous year.

The number of active listings surged by 17. 4% compared to May 2024, while pending sales increased by 16. 1%. Buyers are starting to gain more negotiating power, which may lead some sellers to reconsider their timing for listing homes. This dynamic suggests a shift in the market as conditions evolve.

The ongoing economic uncertainty continues to complicate the housing landscape for buyers.