Tight supply and low interest rates have made home ownership tough to come by in Austin.

“It has created this perfect storm, so to speak, of limited inventory and multiple offers and these are going well over asking,” Julie Bologna, a realtor with EXP Realty, told NBC 5 Dallas Fort-Worth News.

Homes.com ranks Austin fourth in the U.S. with the newest homes on the market. Just under 35% of the listings currently on the market were built from 2000 onward, according the Homes.com data, and in the current market, homes may be available for mere days before someone snaps them up.

Builders are trying to meet the demand. The National Association of Home Builders noted that the Austin area ranked fifth in the U.S. for most permits for new homes issued in 2020. Meanwhile, Houston had the most home starts in the country, followed by Dallas in second.

People may also be drawn to home ownership because of low interest rates. That low rate could mean that a homeowner would pay less over time for their home. That could be appealing to some potential homebuyers.

A June 18 report from Fox Business revealed that the 30-year-interest rate dropped to 2.875%, which was the only change in mortgage data, as compiled by Credible.com.