AUSTIN, Texas — Record-low mortgage rates may have been an affordability lifeline across the nation during the pandemic, but those percentage points have been climbing.
Zillow released its latest report this week, showing the cost of a mortgage is up 20% nationally since December.
"Buyers remain ready to pounce on any inventory that hits the market: Across the U.S., inventory rose 11.6% in March, and newly pending sales grew by the exact same amount," a spokesperson for Zillow said. "The typical time on market also decreased to nine days, two days faster than in February."
The report shows the following numbers for the Austin market specifically:
- The typical home is worth $589,627, up 42.7% year over year.
- The monthly payment on a typical home is now $2,299 (assuming a 30-year mortgage with a 20% down payment). That’s 22.2% higher than the start of the year and 63.2% higher than a year ago.
- Inventory grew 17.1% from February but remains 11.8% lower than a year ago.
- Newly pending sales are up 2.5% from February but down 34.6% from last year.
- The typical monthly rent is $1,808. Rents are up 21.6% year over year.
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