Austin's midyear housing outlook

• For every $1,000 increase, 791 households are priced out of the Austin-Round Rock metro area, according to the National Association of Home Builders.

The big picture: We checked in with local real estate expert Ryan Rodenbeck, broker and owner of Spyglass Realty, for a midyear review of Austin's housing market, tips for homebuying and his outlook for the rest of the year.

What they're saying: Expect the housing market to taper off a bit during the second half of the year, Rodenbeck told Axios.

• "Even in this crazy market, we saw this same cycle in 2021," he added.

Interest rates are rising and Millennials — the largest population of buyers right now — have never seen interest rates above 5%, until now.

• Plus, the Federal Reserve is expected to raise interest rates another 75 basis points in an effort to cool off the demand.

Yes, but: The longer you wait for interest rates to lower, the more equity you're losing, Rodenbeck said.

• "I don’t know anyone who has won by waiting in the Austin market," he explained.

The bottom line: If you can afford the payment, get into the market now.

• "Even if you're at a 6-6.5% interest rate, Austin homes are earning 5-6% appreciation," Rodenbeck added. "You'll pay more for the mortgage up front, but you'll earn it back within a year. It wouldn't be unheard of if appreciation was up to 10% in the coming year."