July showed yet again, Austin’s market is red-hot. Buyers in just about all segments in the market are buying up properties at a rate of nearly 18% higher than just a year ago. The good news doesn’t stop there, sales prices are too on the rise, up nearly 6.5% compared to a year ago.
Overall the months worth of inventory of 4.4% shows Austin’s in a seller’s market. Something Austin hasn’t seen since mid 2007.
Buyers, there’s good news for you too. Interest rates remain at all time lows at an average of 4.275% and many builders are offering great incentives to buy now!
The news isn’t so good for renters, rental rates climbed again for the 18th month in row! With occupancy rates over 96%, the rental market in Austin is averaging over 1.00 per square foot. Something never seen in Austin before, in history! Great news for investors!
It’s a great time to live and buy property in Austin, if you’d like more information on your home or a specific property, I invite you to contact me.