October Housing Statistics
October Housing Update
We see the familiar trend continue with listing inventory taking a beating. Directly related, the median sales price continues to be up 15-20%.
New construction continues to be a driving factor and we will see those prices increasing due to rising lumber costs.
We've been living in a seller's market in wide portions of the Abilene market for several months now, and there's nothing to indicate that will change anytime soon. While mortgage rates saw a very slight increase they are still at record lows which offer a tremendous support level to increasing home prices. The market conditions would change real quick if we saw even 5-6% interest rates return that we had only a few years ago.
It is concerning to see our inventory levels continue to deplete - almost falling below a 2 month inventory level. Despite strong new construction starts there are still large sectors of the market that do not benefit from this and are becoming heavily pressured. While Abilene still offers more affordable housing than most of the nation we are seeing this as a growing concern locally. Not everyone can, or needs, to buy that $225,000 new home. The available product in the lower price ranges is becoming increasingly difficult to justify over renting.
If you are in the market to sell your home this is one of the strongest markets we've seen for well maintained homes across most all price ranges. While this fuels higher housing prices it can still be a good time to buy and take advantage of the extremely low mortgage rates.