November 13, 2018

NOVEMBER 2018 Cedar Park, TX Real Estate Market Conditions

By Cliff Hahn, Broker

The number of homes for sale in Cedar Park dropped off considerably after Labor Day and remains low as we head into the end of the year Holiday time.

Most of the top New Home Builders are still offering generous buyer incentives and commission bonuses with the goal of moving their inventory.

The number of newly developed vacant lots for homes in the $200,000-$300,000 price range increased in all the major metros, pushing single-family permits upward. These gains should stimulate housing starts, which stepped back during the third quarter. The supply expansion calmed home-price appreciation after an extended hot streak. Despite a recent bump in real wages, rising interest rates hindered affordability across the state, particularly at the lower end of the market. For more, read the complete Texas Housing Insight report.

The National Association of Home Builders reports Nationally, builder confidence in the single-family housing market rose one point to 68 in October on the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI).

Builder confidence levels have held in the high 60s since June.

"Builders are motivated by solid housing demand, fueled by a growing economy and a generational low for unemployment," said NAHB Chairman Randy Noel. "Builders are also relieved that lumber prices have declined for three straight months from elevated levels earlier this summer, but they need to manage supply-side costs to keep home prices affordable."

According to NAHB Chief Economist Robert Dietz, while favorable economic conditions should continue to support demand, housing affordability is a challenge due to ongoing price and interest rate increases.

"Unless housing affordability stabilizes, the market risks losing additional momentum as we head into 2019," said Dietz.


For the last 30 days, according to the Austin Board of Realtors MLS as of    11 /13/2018


                                                                          OCTOBER       NOVEMBER

             

Number of homes for sale:                                               243                 183

Number of homes sold:                                                    102                   82

Average days on the market for sold homes                  49                    62

Median price of homes for sale:                                   $349,500         $344,900           

Average price of homes for sale:                                 $387,569         $379,096

Median price of homes sold:                                        $335,400         $315,750

Average price of homes sold:                                       $358,747        $353,849 


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