We've Hit Bottom
We’ve hit the bottom! That’s right, the real estate market in the Austin area has bottomed out and prices are on the way back up. The big question is whether this is a permanent bottom or just one that’s temporary. In April, the median price in Travis and Williamson counties for resale homes was up 4.2% from March and is now up 5.3% so far this year. So while prices are definitely still a long way off from May of ’22, we have bounced off the recent lows. There’s uncertainty in the overall economy right now, but there’s also a lot of pent up demand for housing so we’ll see how things progress and which of these two opposing forces will win out. I think that will determine whether or not we’ve passed the worst of the price declines or if this is just a momentary breather.