Stagnant housing market? Redfin report highlights Austin

AUSTIN (KXAN) --- A new report from real estate company, Redfin, mentioned Austin for having more than half of home listings not sell for two months or more in November.

The report said 62.4% of Austin homes sat on the market for 60 days or longer without going under contract in November.

Realtor with Fathom Realty, Miriam Moorman, said several different factors could contribute to that situation.

"It is traditionally the low season. Q4 of the year, maybe even into January," Moorman said, "But also the interest rates are still high. They just didn't come down, like many people were hoping."

Twelve Rivers Realty Owner and co-founder, Paul Smith, said a home's price plays a major factor.

"A home will sell within one day if it's priced correctly," Smith said. "So ultimately, though, the thing is, is that a seller has to be willing to accept that price."

Redfin's report said, "Florida and Texas have been building more homes than anywhere else in the country, which is one reason inventory, and thus stale listings are on the rise."

Smith pointed to the construction boom that started during the pandemic.

"Everything that we're seeing right now that's hitting the market is because of things that happened two to four years ago," Smith said.

Moorman said more homes were being built because people were going to remote work.

"Now you see a lot of these people being called back to the office," Moorman said.

The Austin Board of Realtors released a report earlier this year that flagged a substantial growth in active home listings. Despite some homes taking longer to sell, realtors remained optimistic going into the new year.

"Ultimately, jobs are what are going to attract people to Austin," Smith said. "The Austin market is still creating and attracting jobs."