We’ve just hit nine straight weeks of pending home sales coming in higher than the same time last year. That’s big news. According to the latest data, pending contracts are up 6% week-over-week and nearly 9% higher than this time in 2024. For context, these are the contracts that will likely close in August and September—so we’re starting to see a bit of forward momentum heading into late summer.

But here’s the catch: while we’re seeing more activity, we’re not seeing big jumps in price. Inventory is up 27% compared to this time last year, and that extra supply is putting pressure on pricing. Nationally, the median home price is $399,000—just 1% above where we were in July 2024. Prices are holding steady, but not climbing, and in many markets (including Austin), we’re seeing more homes linger and price reductions become the norm.

In fact, nearly 42% of active listings across the country have had a price cut—the highest rate for any July in over a decade. That stat alone tells us a lot. Sellers who listed in the spring and haven’t attracted serious buyers are now adjusting their strategy to meet the market where it is. And buyers? They’re paying attention. With more choices on the market and stable rates, they’re taking their time and being more selective.

In Austin, we’re seeing similar dynamics. Inventory has been growing steadily, and while homes are still selling, it’s not the whirlwind pace we’ve seen in past years. This is the moment for smart, strategic decision-making—especially when it comes to pricing. We’ve had three years of elevated mortgage rates, and while rates have stayed high, they’ve also been relatively stable. That stability is helping buyers and sellers alike regain some confidence, but it’s not fueling a rapid-fire market.

If you’re a seller in this market, your pricing strategy matters more than ever. The days of “test the market and see what happens” are behind us for now. Today’s buyers are well-informed, and they have options. Homes that are priced right are still moving. Homes that are overpriced are sitting and eventually cutting.

On the flip side, if you’re a buyer, this is a moment of opportunity. With inventory up and price growth essentially flat, you’ve got room to find the right home, negotiate with confidence, and still move forward in a market that’s stable—even if not booming. We’re not seeing signs of a major price correction or crash. In fact, most of the inventory growth has already happened, and new listing activity is actually slowing as we move into late summer.

Bottom line: this isn’t a market to fear, it’s a market to understand. There’s movement, there’s opportunity, and with the right guidance, there’s a smart path forward—whether you’re buying, selling, or just watching from the sidelines for now.

Have questions about how this data plays out in your neighborhood or price point? I’m always happy to help break it down. Let’s chat about what makes sense for you this fall.

Frequently Asked Questions

Are home prices going up in Austin right now?

Not really. Home prices in Austin are basically flat compared to last year. With more inventory and high mortgage rates, we’re seeing minimal appreciation. Pricing your home right is more important than ever.

Is it a good time to buy a house in Austin?

It depends on your situation, but buyers today have more choices and more leverage than they’ve had in years. If you’re planning to stay put for a while and can afford the payment, this market offers some real opportunity.

Are sellers still getting multiple offers?

Only if the home is priced well and shows beautifully. We’re not seeing the frenzy of 2021, but there’s still competition—just more selective.

What’s happening with Austin housing inventory?

Inventory is up about 27% from last year nationally, and Austin’s following that trend. That means more options for buyers and a need for sharper pricing for sellers.

Should I wait to buy until interest rates drop?

Waiting can feel safe, but it’s not always smart. Lower rates could bring more buyers back, driving up prices. If you find a great home now that fits your budget, it could be a win—even at today’s rates.