Updated: Jan 15, 2020
Kicking off a new decade with a market update in January. We're taking a look at the number of active listings, sold listings, and median price of homes in December compared to November and last year in Austin, and south Austin. As you can see from the stats below, inventory is at exceptionally low levels. For a city with around 1 Million people in it, only 1 in 1,000 homes is for sale! As such we are seeing lots of multiple offer situations and a long line of buyers that can't find a home. Inventory has shrunk year over year by almost 50%, this is more than just the winter doldrums.
Active Homes for Sale : 1173 (-24.5% since last month, -34% since last year)
Sold Homes: 854 (+3.5% since last month, -2.6% since last year)
Median Price: $420,000 (+1.2% since last month, +9% since last year)
Active Homes for Sale : 134 (-38.3% since last month, -48.3% since last year)
Sold Homes: 172 (-9% since last month, No change since last year)
Median Price: $360,000 (+0.3% since last month, +5.9% since last year)
Experts believe that the economy is doing well enough that the possibility of a recession is more likely to happen closer to 2021. There is a 1 in 5 chance of a recession in 2020. Housing looks like it will still be a cornerstone for the US economy in 2020.
Home sales are projected to increase in 2020 according to the National Association of Realtors, Mortgage Banks Association, Frannie Mae, and Freddie Mac. Mortgage rates are expected to remain low at an average of 3.8%, and potentially lower than 3.5%.