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Clare Losey, Ph.D., housing economist for Unlock MLS and the Austin Board of REALTORS, provided insight into the sales growth across the MSA and what's to come regarding interest rates.

"The MSA experienced an increase in sales, indicating more opportunity in the market for all buyers. Despite the higher rate environment, the uptick in affordable inventory in the $300,000 range is allowing more first-time buyers to achieve homeownership. As we progress through the year, mortgage rates are expected to remain elevated with a slight possibility of a gradual decrease, which would result in an increase in buyers' purchasing power."

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• Median sales prices increased by 1.1% YOY to $469,998 while closed sales jumped up 5.9% YOY to 2,708.
• It's that buying/selling time of year and these numbers are high! New listings are up 26.1% YOY to 5,131 with active listings up 31.9% YOY to 10,808!
• Months of inventory continue to creep up as the number now sits at 4.3 months of inventory which is an increase of 1.2 months YOY. What does it mean? We're moving to a more balanced market where buyers will start to get an advantage in their home purchases.
• It also looks like sellers are getting 95.6% of their asking price which is an increase of 1.8% from last April. Don't put too much stock in this number as each neighborhood is different and I've seen properties that received over asking.
• My clients closed yesterday on their Western Oaks property that they were selling. They saved $9,450 on listing fees. The savings don't stop there! They will be closing this Thursday on their new home in Belterra where they will earn $10,320 in a buyer's rebate for being Red Pear Realty clients for a total savings of $19,770! Seriously, when's the last time your realtor saved you that much money?!
• I just signed a new listing agreement for a property in Circle C. This house is BEAUTIFUL and should be a quick sale. I'll be listing it next Thursday for an open that weekend.

• Active listings up bigly, 45.7% YoY! The rise in listings is causing Months of Inventory to increase to 3.2 vs. 2.1 in April 2023 (still low but a significant increase). Surprisingly, even with the additional inventory Median Price still increased to 1.5% throughout the Metroplex.
• Although the rise in listings is needed to get back to equilibrium in terms of Supply/Demand, Mortgage Rates are not helping move inventory. Even with the drop in rates, the MBA Purchase Index decreased to 141.70 points in May 10th from 144.20 points in the previous week.

• For the most part, prices are decreasing in suburban counties. Only Dallas, Tarrant, Collin, and Denton counties are sitting below or at 3 months of inventory, helping Median Price increase, with the exception of Collin County which saw prices fall 3.9% YoY as a result of Active Listings rising 69.7%. That was the highest rate increase of the counties below.
• Sellers in suburban counties will find themselves in pre-COVID type markets were houses will fail to sell the week they are listed and after multiple offers received.
• However, there is still evidence of a few high in demand areas that are still seeing pretty short Days on Market situations, especially in the city core.
• If inventory continues to rise and mortgage rates remain persistently above 7%, look for prices to continue to soften.