Everyone is wondering what the market is doing and where things are headed. I did some work to summarize that and boil it down to one graph. Below you will see new listings, new pendings, and transactions by month going back to January 2019 (the last “normal” year).
- Pendings are a leading indicator of transactions, so typically a spike in pendings leads to a similar bump in transactions a month or so later
- The trend line for new listings typically follows those of new pendings and transactions.
- Since around March, though, the number of new listings has continued to skyrocket, hitting 1,849 in June
- The highest number of new listings in a month since 2010, when April saw 1,873, and May saw 2,104!
- Pending sales and closed transactions have continued to drop off in early summer
- The steep drop in pendings in June suggests that July will see a further drop in sales, which based on incomplete data for the month of July is true, and may be down nearly 50% from July 2021
If you’re considering buying or selling a home in the Austin area, please reach out and I can help!
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