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Austin-Round Rock home sales growth stalls in September, remains strong year-to-date

AUSTIN, TX – Single-family home sales growth across the Austin-Round Rock Metropolitan Statistical Area (MSA) was flat last month but did not impact strong year-to-date home sales numbers, according to data released today by the Austin Board of REALTORS® in its September 2018 Central Texas Housing Market Report.

“Austin-area housing market activity has bucked the trend of a cool-weather slowdown over the last several years, maintaining much of the momentum from the summer months through the end of the year,” Steve Crorey, 2018 president of the Austin Board of REALTORS®, said. “Home sales growth declined five percent last September, so it’s good to see that the area housing market held steady in September 2018. Austin continues to be one of the fastest-growing markets and most competitive housing markets in the country.”

Austin-Round Rock MSA

In the five-county MSA, sales volume decreased 0.9 percent year over year from 2,390 sales in September 2017 to 2,368 sales last month. Year to date, home sales in the Austin-Round Rock MSA are up 3.6 percent from the first nine months of 2017.

Sales dollar volume increased 5.7 percent year over year to $905,577,673. This growth is partially due to a 4.2 percent increase in median home price from $290,000 to $302,250. High demand across the MSA and limited inventory pushed the median home price above $300,000, which is a first for the month of September.

New listings for the Austin-Round Rock metro area decreased 2.4 percent year over year to 2,790 listings in September. During the same period, active listings increased 5.1 percent to 7,706 listings and pending sales increased 3.3 percent to 2,362 pending sales. Inventory remained unchanged year over year at 3.0 months, which could also have stifled home sales activity last month.

Lawrence Yun, chief economist and senior vice president of research at the National Association of REALTORS®, indicated that the flat sales growth in the Austin area could be due to rising interest rates.

“Higher interest rates have cut affordability and are holding back home sales,” Yun said. “But steady growth in jobs and income will boost housing demand over time. Increasing housing supply as reflected in higher housing permits will also help slow home price growth and help consumers.”

City of Austin

In the city of Austin, home sales growth remained relatively unchanged with a 0.9 percent decrease from 708 home sales in September 2017 to 702 home sales last month. During the same period, sales dollar volume increased 8.3 percent to $324,865,480. This growth is partially due to a year-over-year increase in median home price from $353,500 to $365,000. New listings decreased 11.3 percent to 803 listings; active listings decreased 11.8 percent to 1,660 listings; and pending sales increased 4.6 percent to 703 pending sales. Monthly housing inventory decreased by 0.3 months to 2.1 months of inventory.

Travis County

In Travis County, September single-family home sales slightly increased 1.7 percent year over year to 1,151 home sales; sales dollar volume increased 8.2 percent to $523,502,042. The median price for single-family homes rose 4.8 percent to $351,000. During the same period, new listings decreased 5.7 percent to 1,360 listings; active listings decreased 2.4 percent to 3,516 listings; and pending sales increased 5.1 percent to 1,162 pending sales. Monthly housing inventory decreased 0.2 months year over year to 2.8 months of inventory.

Williamson County

This September, Williamson County single-family home sales decreased 9.1 percent to 805 home sales, while sales dollar volume decreased 4.2 percent to $251,413,411. During the same period, the median price for single-family homes increased 2.2 percent to $275,978. New listings increased 1.6 percent to 951 listings; active listings increased 11.8 percent to 2,685 listings; and pending sales decreased 2.2 percent to 805 pending sales. Housing inventory increased 0.2 months year over year to 3.0 months of inventory.

Hays County

Hays County single-family home sales rose 10.8 percent to 297 sales in September, as sales dollar volume experienced a double-digit increase of 16.3 percent to $101,038,355. The median price for a single-family homes increased 3.4 percent to $258,500. During the same period, new listings rose 3.6 percent to 343 listings; active listings increased 9.9 percent to 1,043 listings; and pending sales increased 4.4 percent to 283 pending sales. Housing inventory increased 0.1 months to 3.5 months of inventory.

For more information and to download the September 2018 Central Texas Housing Market Report, visit www.abor.com/statssep18.

AUSTIN, TX– Continued demand for single-family homes in the Austin-Round Rock Metropolitan Statistical Area (MSA) led to the highest-grossing August on record for Central Texas home sales volume, according to the August 2018 Central Texas Housing Market Report released today by the Austin Board of REALTORS®. Strong sales led to double-digit gains in sales dollar volume for homes sold in the five-county MSA, which totaled more than $1.2 billion in August.

“Last month’s housing market activity shows little evidence that the market is slowing as we move into the fall,” Steve Crorey, 2018 president of the Austin Board of REALTORS®, said. “More homes are entering the market and pending sales growth remains strong year over year.”

Crorey added, “At the same time, the gains in housing stock have yet to impact housing inventory levels. After a year of modest inventory gains in 2017, housing inventory growth has been flat or has declined in many local markets throughout this year. This is particularly evident in the Austin city limits, where housing demand is strongest.”

Austin-Round Rock MSA

In the five-county MSA, home sales dollar volume in August 2018 jumped 10.5 percent year over year to $1,208,374,131. This is partially due to continued growth in home prices, as the median price increased 8.2 percent year over year to $322,478. Single-family home sales also set a record in August, rising 3.7 percent to 3,034 sales.

Pending sales growth in August continued to show strong gains throughout the MSA, increasing 12.1 percent year over year to 2,798 pending sales. During the same period, active listings for the five-county MSA increased 4.2 percent to 7,887 listings, while new listings spiked 16 percent to 3,741 listings. Monthly housing inventory remained unchanged from August 2017 at 3.1 months.

“So far, 2018 has shown the highest number of sales ever for the Greater Austin area and we’re on track to set another annual home sales record this year,” Mark Sprague, state director of information capital for Independence Title, said. “Interest rates are expected to go up one-eighth of a point by the end of the year, and another three-eighths to a half of a point next year. Because median household income has increased nationally and locally, rising interest rates are not expected to negatively impact home sales.”

City of Austin

In the city of Austin, home sales remained flat from the previous August at 901 sales, while sales dollar volume increased 11 percent to $446,067,482. The median price for single-family homes increased 9.2 percent to $393,000. During the same period, new listings jumped 10.5 percent to 1,045 listings; active listings decreased 8.2 percent to 1,735 listings; and pending sales increased 8.7 percent to 824 home sales. Monthly housing inventory decreased by 0.2 months to 2.2 months of inventory.

Travis County

In Travis County, August single-family home sales slightly increased 1.1 percent year over year to 1,449 home sales; sales dollar volume increased 8 percent to $699,354,068. The median price for single-family homes rose 7.2 percent to $375,000. During the same period, new listings jumped 15.1 percent to 1,780 listings; active listings declined 1.9 percent to 3,636 listings; and pending sales spiked 15.2 percent to 1,363 sales. Monthly housing inventory decreased 0.1 months year over year to 2.9 months of inventory.

Williamson County

In August 2018, Williamson County single-family home sales rose 7.3 percent year over year to 1,089 home sales, while sales dollar volume experienced a double-digit growth of 13.9 percent to $347,227,983. During the same period, the median price for single-family homes increased 7.2 percent to $294,612. New listings spiked 18.5 percent to 1,358 listings; active listings increased 8.5 percent to 2,724 listings; and pending sales climbed 5 percent to 968 pending sales. Housing inventory remained unchanged from August 2017 at 3.0 months.

Hays County

Hays County single-family home sales rose 2 percent to 353 sales in August 2018, as sales dollar volume experienced a double-digit increase of 10.9 percent to $124,761,539. The median price for a single-family homes jumped 13.3 percent year over year to $294,659. During the same period, new listings rose 8 percent to 417 listings; active listings increased 7.5 percent to 1,065 listings; and pending sales jumped 15.6 percent to 326 sales. Housing inventory increased 0.1 months to 3.6 months of inventory.

For more information and to download the August 2018 Central Texas Housing Market Report, visit www.abor.com/statsaug18.

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The Austin Board of REALTORS® (ABoR) is a nonprofit organization that has been serving the needs of Austin REALTORS® and consumers for more than 90 years. ABoR provides technology, education and advocacy for more than 13,000 members, as well as monthly housing market reports for Travis, Hays, and Williamson counties. ABoR’s market reports include the most accurate multiple listing service (MLS) findings for the Austin area. For more information, contact the ABoR public relations team at abor@echristianpr.com or 512-454-7636. For the latest local housing market listings, visit AustinHomeSearch.com.

AUSTIN, TX– Strong homebuying activity throughout the summer led to double-digit home sales growth in July, according to the July 2018 Central Texas Housing Market Report released today by the Austin Board of REALTORS®. The five-county Metropolitan Statistical Area (MSA) experienced the highest volume of home sales since July 2011.

“Strong pending sales activity in June contributed to a big uptick in home sales growth last month, and pending sales growth was strong again in July, too,” Steve Crorey, 2018 president of the Austin Board of REALTORS®, said. “This means we could see another uptick in home sales growth in August to end the summer selling season on a high note.”

In the city of Austin, single-family home sales experienced a double-digit increase of 13.5 percent year over year to 952 sales, while sales dollar volume increased 19.8 percent to $451,315,853 in July.

Austin-Round Rock Metropolitan Statistical Area (MSA)
In the Austin-Round Rock MSA, July single-family home sales increased 8.8 percent year over year to 3,103 sales, while sales dollar volume increased 13.7 percent to $1,254,255,680. The median home price increased six percent year over year to $320,000.

For the second month in a row, pending sales growth experienced strong gains across the MSA, increasing 8.3 percent year over year to 3,201 pending sales in June and 10.8 percent to 3,065 pending sales in July. However, the number of homes on the market fell during the same time frame. In July, active listings for the five-county MSA fell 2.7 percent to 7,522 listings and new listings decreased 1.2 percent to 3,738 listings.

“Housing construction is at an all-time high in Central Texas, but the pace of new housing stock entering the market can’t justify last month’s jump in sales growth on its own. These gains in home sales activity are being driven by pure demand,” Vaike O’Grady, Austin regional director for Metrostudy, said.

“Home sales are up across the board in the Austin area, but declines in housing inventory are almost just as steep. The city of Austin, in particular, lost almost half a month of inventory from July 2017 to July 2018. That’s a lot of inventory to lose year over year,” Crorey said. “ABoR housing market data underscores not only the ongoing strong housing demand in our region, but the critical need for more housing stock at all price points in and around Austin.”

City of Austin
In the city of Austin, the July median price for a single-family home increased six percent year over year to $390,000. During the same time frame, new listings decreased seven percent to 1,066 listings; active listings decreased 13.8 percent to 1,675 listings; and pending sales rose 11.6 percent to 904 sales. Monthly housing inventory decreased 0.4 months to 2.1 months, well below the Real Estate Center at Texas A&M University’s benchmark of 6.0 months as a balanced housing market.

Travis County
In Travis County, July single-family home sales increased 15.7 percent year over year to 1,594 home sales, while sales dollar volume increased 17.5 percent to $769,540,765. The median price for single-family homes grew 4.5 percent to $375,000. During the same period, new listings remained relatively flat, with a 0.3 percent increase to 1,854 listings. Active listings decreased 7.8 percent to 3,543 listings while pending sales jumped 12.3 percent to 1,503 sales. Monthly housing inventory decreased 0.3 months year over year to 2.8 months of inventory.

Williamson County
In Williamson County, July single-family home sales increased 5.7 percent year over year to 1,054 home sales, while sales dollar volume increased 7.7 percent to $326,159,581. During the same period, the median price for single-family homes increased 2.1 percent to $280,734. New listings decreased 6.5 percent to 1,204 listings; active listings decreased 2.1 percent to 2,497 listings; and pending sales rose 10.6 percent to 1,055 pending sales. Housing inventory decreased 0.2 months year over year to 2.8 months of inventory.

Hays County
In July 2018, Hays County single-family home sales rose 2.7 percent to 347 sales, while sales dollar volume slightly decreased, with a 0.6 percent decrease to $113,218,199. Median price decreased three percent year over year to $265,000. During the same time frame, new listings remained relatively flat, with a 0.2 percent increase to 478 listings; active listings increased 5.9 percent to 1,045 listings; and pending sales rose 6.1 percent to 366 sales. Housing inventory increased 0.1 months to 3.6 months of inventory.

For more information and to download the July 2018 Central Texas Housing Market Report, visit www.abor.com/statsjul18.

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The Austin Board of REALTORS® (ABoR) is a nonprofit organization that has been serving the needs of Austin REALTORS® and consumers for more than 90 years. ABoR provides technology, education, and advocacy for more than 13,000 members, as well as monthly housing market reports for Travis, Hays, and Williamson counties. ABoR’s market reports include the most accurate multiple listing service (MLS) findings for the Austin area. For more information, contact the ABoR public relations team at abor@echristianpr.com or 512-454-7636. For the latest local housing market listings, visit AustinHomeSearch.com.

AUSTIN, TX– Single-family home sales in the Austin-Round Rock Metropolitan Statistical Area (MSA) experienced strong and steady growth in the first half of this year but declined in June 2018, according to the June & Midyear 2018 Central Texas Housing Market Report released today by the Austin Board of REALTORS®. In the first half of the year, area home prices continued to increase and housing inventory levels slowly declined amidst strong housing demand.

“Despite a decline in home sales volume across Central Texas in June, 2018 is on track to be another record-setting year for the region’s housing market,” Steve Crorey, 2018 president of the Austin Board of REALTORS®, said. “Consecutive years of record-breaking sales activity have set the bar incredibly high, and it’s important to remember that we’re comparing June 2018 figures to that strong activity. The Central Texas housing market remains strong and continues to move at a demanding pace.”

Austin-Round Rock Metropolitan Statistical Area (MSA)
In the five-county MSA, single-family home sales increased 3.7 percent year-over-year to 15,364 home sales, while the median home price increased 4.3 percent year-over-year to $313,000. The volume of homes on the market declined year-to-date, although pending sales activity increased during the same time frame. From January to June 2018, active listings fell 0.8 percent to 5,951 listings; new listings decreased 0.6 percent to 21,795 listings; and pending sales rose 4.8 percent to 17,008 sales. Sales dollar volume in the Austin-Round Rock MSA was $6,025,035,605—an 8.2 percent increase from the first six months of 2017.

In June 2018, single-family home sales activity declined 2.7 percent year-over-year to 3,299 sales. During the same period, the median price for a single-family home rose 4.9 percent year-over-year to $326,250. Monthly housing inventory decreased 0.1 months year-over-year to 2.9 months, well below the Real Estate Center of Texas A&M University’s benchmark of 6.0 months as a balanced housing market. While home sales decreased across the MSA in June, this is not indicative of a declining housing market, suggested Jim Gaines, chief economist at the Real Estate Center at Texas A&M University.

“The Central Texas housing market is among the top three in the country. The region’s population growth, particularly along the I-35 corridor, is fueled by diversified economic opportunities that bring jobs, new businesses, and resources across multiple industries,” he said. “Strong population growth and home sales activity are expected to continue in the Central Texas region for the rest of the year and into 2019.”

City of Austin
In the city of Austin, single-family home sales in the first half of the year edged upward 1.3 percent year-over-year to 4,757 sales and the median price for a single-family home increased 3 percent to $375,760. During the same period, active listings decreased 10.1 percent to 1,279 listings; new listings decreased 3.9 percent to 6,458 listings; and pending sales rose 2.7 percent to 5,248 sales.

City of Austin home sales have not experienced a year-over-year decrease in the month of June since 2013. Austin home sales decreased 4.5 percent to 988 home sales and median price dipped 0.4 percent to $388,000. Housing inventory also decreased 0.3 months to 2.1 months of inventory. However, homes spent six fewer days on the market in 2018 than the previous June, averaging 30 days on the market.

Travis County
In Travis County, single-family home sales increased 3.8 percent year-over-year to 7,675 home sales in the first half of the year. During the same time frame, the median price for single-family homes grew 3.6 percent to $362,500. Active listings decreased 6.1 percent to 2,796 listings; new listings decreased 1.2 percent to 10,977 listings; and pending sales increased 6 percent to 8,587 sales.

In June 2018, single-family home sales decreased 2 percent to 1,651 home sales, while median price increased 1.2 percent to $374,500. Monthly housing inventory decreased 0.2 months to 2.8 months of inventory.

Williamson County
In Williamson County, single-family home sales in the first half of 2018 increased 5.2 percent year-over-year to 5,333 home sales. During the same period, the median price for single-family homes increased 3.7 percent to $286,900. Active listings increased 5.2 percent to 2,033 listings; new listings decreased 0.8 percent to 7,303 listings; and pending sales rose 4.7 percent to 5,832 sales.

In June 2018, single-family homes sales dipped 1.7 percent year-over-year to 1,143 sales, while the median price rose 4.7 percent to $300,000. During the same time frame, housing inventory declined 0.1 months to 2.8 months of inventory.

Hays County
In the first half of 2018, Hays County single-family home sales rose 2.6 percent year-over-year to 1,721 home sales, while median price increased 3.3 percent year-over-year to $264,900. New listings increased 2.2 percent to 2,536 listings and active listings increased 1.9 percent year-over-year to 799 listings. During the same time frame, pending sales rose 4.4 percent to 1,907 sales.

In June 2018, single-family home sales decreased 7.1 percent year-over-year to 369 sales, while median price increased 7.5 percent year-over-year to $284,900. During the same time frame, housing inventory increased 0.1 months to 3.4 months of inventory.

For more information and to download the June & Midyear 2018 Central Texas Housing Market Report, visit www.abor.com/statsjun18.

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The Austin Board of REALTORS® (ABoR) is a nonprofit organization that has been serving the needs of Austin REALTORS® and consumers for more than 90 years. ABoR provides technology, education and advocacy for more than 13,000 members, as well as monthly housing market reports for Travis, Hays and Williamson counties. ABoR’s market reports include the most accurate multiple listing service (MLS) findings for the Austin area. For more information, contact the ABoR public relations team at abor@echristianpr.com or 512-454-7636. For the latest local housing market listings, visit AustinHomeSearch.com

AUSTIN, Texas – Decreasing housing inventory paired with strong demand continues to drive Austin’s growing affordability crunch, according to the May 2018 Central Texas Housing Market Report from the Austin Board of REALTORS® (ABoR).

In the city of Austin, the availability of housing compared with demand — as measured through inventory — continues to be historically low while median home prices have reached historic heights.

The median price for single-family homes in the city of Austin increased 3.7 percent year-over-year to $389,000 in May, an all-time high for the city. While home sales rose 5.9 percent to 1,037 sales, housing inventory decreased from 2.1 months last year to 2.0 months during the same time frame. There were fewer active listings as well, as the amount of homes available on the market decreased 6.8 percent to 1,533 listings.

“Our current market imbalance in Austin is made worse by an antiquated land development code that places unnecessary constraints on building the number and variety of homes our community needs,” Steve Crorey, 2018 president of the Austin Board of REALTORS®, said. “Austin’s lack of housing choices disadvantages first-time homebuyers, families with children, and middle and lower-income buyers. Coupled with rapid population growth, it’s driving an affordability crisis that leaves many residents looking for homes far from job centers and essential services.”

Austin has reached a new high for home prices just when Austin City Council is in the midst of debating whether to adopt an updated land development code through the CodeNEXT process. An updated code has the potential to ease housing affordability pressures by allowing a wider variety of homes along corridors and in transition zones while streamlining development regulations.

Over the last five years, the pace of home price growth in the Austin-Round Rock MSA has exponentially outpaced the median family income growth. According to the Department of Housing and Urban Development (HUD), Austin-Round Rock median family income increased 17.5 percent from 2013-2018, while ABoR data shows that median home prices increased 42.5 percent from May 2013 – May 2018.

The growth in housing prices in the city of Austin also has implications for the Central Texas region at large, where home prices continue to rise amidst tight inventory. In May 2018, seven in 10 homes sold within the five-county MSA were sold outside of Austin city limits.

In the Austin-Round Rock MSA, home sales rose 4.2 percent year-over-year to 3,210 sales in May 2018 and housing inventory decreased from 2.8 months last May to 2.7 months this year. During the same time frame, the median home price increased 4.8 percent year-over-year to $325,000.

“We can’t continue to export affordability beyond Austin city limits,” Crorey concluded. “That’s why we need a code that provides strong tools to manage our region’s current and future growth, as well as sustainable solutions for more affordable housing options right here in Austin. It’s critical that the CodeNEXT process continue and that we as a community stop postponing difficult decisions.”

AUSTIN, TX–The Austin-area housing market’s declining inventory and robust sales trends are creating an increasingly competitive housing market across all price classes, according to the latest Central Texas Housing Market Report from the Austin Board of REALTORS® (ABoR).

“In the Austin-Round Rock MSA, price classes across the board are seeing an increase in demand with a decrease in inventory,” Steve Crorey, 2018 president of the Austin Board of REALTORS®, said. “While new listings are up year-over-year, homes are selling faster than they can be listed on the market. This has led to a smaller number of active listings and an increasingly competitive market for homebuyers.”

Within the Austin-Round Rock MSA, new listings increased 5.6 percent to 4,139 listings; active listings decreased 2.8 percent to 6,154 listings; and pending sales rose 14.3 percent to 3,320 pending sales. The median price of single-family homes in the Austin-Round Rock MSA increased 3.8 percent year-over-year to $316,000 in April 2018. Housing inventory decreased 0.2 months year-over-year to 2.4 months of inventory during the same time frame.

“The desire to live in the city of Austin continues to drive home sales,” Mark Sprague, state director of information capital for Independence Title, said. “Inventory levels for luxury homes priced at $700,000 or higher have decreased year-over-year, and the inventory for homes priced under $500,000 continues to decline in Austin. As a result, we’re seeing locals purchase more homes in the suburbs. However, the real estate landscape continues to be strong compared to most major cities in the country.”

In the Austin-Round Rock MSA, homes priced between $150,000 and $250,000 stayed on the market, on average, fewer than 35 days. In the city of Austin, single-family homes in this price range spent, on average, between 20 and 33 days on the market in April 2018, indicating a continued inventory shortage amidst strong demand for this price category. The Real Estate Center at Texas A&M University cites the affordable threshold for entry-level homebuyers as $200,000 or less.

“If it’s a desirable home or located near a desirable location, especially if it’s in the city of Austin, the time spent on the market can be much lower,” Crorey said.

City of Austin

In the city of Austin, single-family homes spent an average of 37 days on the market, four more days than April 2017. Single-family home sales increased 7.4 percent from April 2017 to 859 sales and the median price for single-family home sales increased in April by 9.3 percent year-over-year to $390,000. Housing inventory decreased from 2.1 months of inventory in April 2017 to 1.7 months of inventory in April 2018.

Travis County

In April, single-family home sales in Travis County increased 6.4 percent year-over-year to 1,324 sales. The median price for single-family homes in Travis County grew 7.1 percent year-over-year to $380,143 in April. Housing inventory decreased by 0.3 months from the previous April to 2.3 months of inventory.

In Pflugerville, sales decreased 11.9 percent to 104 home sales, while the median price of single-family homes increased 1.7 percent to $259,200.

Williamson County

Williamson County experienced a 7.6 percent increase in sales volume year-over-year to 904 home sales. During the same time frame, the median price for single-family homes increased 3.6 percent to $285,000. Inventory of single-family homes in Williamson County decreased slightly from last year’s 2.4 months of inventory to 2.3 months of inventory in April 2018.

In Leander, April home sales experienced no percentage change from year-over-year, remaining at 97 sales. The median price of single-family homes slightly increased 1.8 percent year-over-year to $280,000. In Cedar Park, April home sales volume decreased 11.9 percent to 89 sales. At the same time, the median price of Cedar Park homes increased 11.2 percent year-over-year to $339,000. Round Rock experienced a surge in sales from last April—30.9 percent—to 178 sales, while the median home price increased 8.1 percent to $275,000.

Hays County

April home sales in Hays County decreased 8.5 percent to 281 home sales compared to the previous year. At the same time, median home price declined 6.8 percent to $247,000. Inventory of single-family homes in Hays County remained unchanged at 2.8 months of inventory from the previous April.

Locally, home sales in Buda dropped 19.6 percent year-over-year to 37 sales, but the median home price increased 14 percent to $285,000. Kyle experienced a double-digit increase in sales—an 11.9 percent increase to 75 sales—compared to the previous April. The median price increased 2.7 percent to $215,500 during the same time frame.

Crorey concluded: “If you’re planning on buying or selling a home this year, it’s important to enlist the help of a Central Texas REALTOR®. REALTORS® are local market experts who can walk clients through the necessary steps of the purchasing or selling process, and we ascribe to a Code of Ethics that requires us to advocate on our clients’ behalf and in their best interest. Homebuyers and sellers can find a Central Texas REALTOR® at AustinHomeSearch.com.

AUSTIN, TX–The Austin housing market continues to show increased demand, with double-digit percent increases in sales in March 2018 according to the Austin Board of REALTORS® (ABoR). The Austin-Round Rock Metropolitan Statistical Area (MSA) experienced a 10.5 percent increase in sales compared to the same time last year, the March 2018 Central Texas Housing Market Report found.

“Last month, 2,714 single-family homes were sold in the five-county Central Texas region, which is more sales than any March we’ve seen on record,” Steve Crorey, 2018 president of the Austin Board of REALTORS®, said. “This type of growth early in the year indicates a strong summer selling season ahead. Those who are interested in buying or selling a home this summer should seek out the services of a REALTOR®.”

In the Austin-Round Rock MSA, the median price of single-family homes increased 3.5 percent to $305,233. Housing inventory levels decreased 0.2 months from March 2017 to 2.2 months of inventory.

“Historically, it’s common for some homes to be on the market for 50 days or more, even in markets with strong housing demand,” Crorey, said. “Within the city of Austin and other local markets with limited inventory, homes are spending a fraction of time on the market—as little as two weeks in some areas. This is an indicator of just how competitive it’s become to purchase a home in and around Austin.”

In the Austin-Round Rock MSA, homes priced between $150,000-$250,000 stayed on the market less than 50 days on average. In the city of Austin, single-family homes in this price range spent, on average, between 27-35 days on the market in March 2018 due to the critically low supply of homes within Austin.

“Demand for homes priced below $250,000 is driving the emergence of new submarkets like Manor and Del Valle, where builders can construct homes at a lower cost,” Vaike O’Grady, Austin regional director for Metrostudy, said. “We’re also seeing creative land plans that provide common area open space to offset smaller lot and home sizes. Attached single-family homes are also coming to the market to meet buyer demand for more affordable housing.”

City of Austin

In the city of Austin, single-family homes spent an average of 46 days on the market, or five fewer days than March 2017. Single-family home sales increased 8.5 percent from March 2017 to 831 sales. The median price for single-family homes remained flat in March, with a 0.1 percent year-over-year increase. Housing inventory decreased from 1.7 months of inventory in March 2017 to 1.5 months of inventory this year.

Travis County

In March, single-family home sales in Travis County increased 12.8 percent year-over-year to 1,388 sales. The median price for single-family homes in Travis County grew 1.4 percent year-over-year to $355,000 in March. Housing inventory decreased by 0.2 months from the previous March to 2.1 months of inventory.

Single-family home sales increased in Manor to 41 home sales, while the median price increased 6.5 percent year-over-year to $195,900. In Pflugerville, sales decreased 17 percent to 83 home sales, while median price of single-family homes increased 6.8 percent to $251,500.

Williamson County

Williamson County experienced a 9.1 percent increase in sales volume year-over-year to 915 home sales. During the same time frame, the median price for single-family homes increased 4.6 percent to $277,383. Inventory of single-family homes in Williamson County decreased slightly from last year’s 2.3 months of inventory to 2.2 months of inventory in March 2018.

In Leander, March sales jumped 33 percent to 125 sales, while the median price of single-family homes increased 22 percent year-over-year to $297,500. Cedar Park experienced opposite results: March sales volume decreased 28.8 percent to 84 sales. The median price of Cedar Park homes increased 8.1 percent year-over-year to $319,000. Round Rock experienced a subtle bump in sales from last March—2.5 percent—to 167 sales, while median home price increased 7 percent to $259,000.

Hays County

March sales in Hays County increased 2.8 percent to 293 home sales compared to the previous year, with a similar annual increase in the median home price—2 percent—to $260,000. Inventory of single-family homes in Hays County remained unchanged at 2.6 months of inventory from the previous March.

Sales in Buda decreased 35.1 percent year-over-year to 24 sales, but the median home price increased 7.4 percent to $280,000.

“So far, Buda’s sales are lower this year due to a lack of supply of new homes,” O’Grady, said. “Shoppers are moving farther from Austin in search of affordable homes, which is driving sales in Kyle.”

Kyle experienced a significant increase in sales—a 19.7 percent increase to 85 sales—compared to the previous March. The median price increased 8.4 percent to $225,000.

AUSTIN, TX–February is typically a slow month for home sales, but the Central Texas housing market didn’t slow a bit last month, according to the latest report from the Austin Board of REALTORS® (ABoR). The February 2018 Central Texas Housing Market Report showed that while home sales volume across the Austin-Round Rock Metropolitan Statistical Area (MSA) grew in February, areas with the highest market demand and lowest inventory experienced double-digit percent price increases and annual declines in sales activity.

“Last month, economists predicted an upwards of 5 percent growth in median home prices within the Austin area, and we have far surpassed that,” Steve Crorey, 2018 president of the Austin Board of REALTORS®, said. “This is especially evident in local markets where housing demand is strongest, such as Austin and Cedar Park. Home price increases are sharpest in these markets, while dwindling housing inventory in the lower price classes could be discouraging people from buying.”

In the Austin-Round Rock MSA, home sales increased 5.7 percent year-over-year in February 2018 to 1,955 sales. The median price of single-family homes increased 3.6 percent to $299,900. Housing inventory remained flat at 2.0 months, the same as last February.

“While wages and jobs in the Austin area haven’t increased, the local economy remains strong and continues to attract new residents and potential homebuyers,” Mark Sprague, state director of information capital for Independence Title, said. “This population growth is putting additional pressure on local housing markets with already critically low housing inventories, leading to sharp price increases that both homebuyers and new home developers cannot keep up with.”

City of Austin

In the city of Austin, the median price for single-family homes increased 12.2 percent to $367,701 year-over-year in February. Single-family home sales decreased 6.7 percent from the same period last year to 599 sales. Inventory decreased from 1.4 months of inventory in February 2017 to 1.3 months of inventory this year.

Williamson County

Williamson County experienced a double-digit increase in sales volume, while median price growth remained relatively flat. Single family home sales increased 13.1 percent year-over-year to 689 sales in February 2018, and the median price increased 1.1 percent to $275,000. Overall, housing inventory of single-family homes in Williamson County increased slightly to 2.0 months of inventory, compared to 1.9 months of inventory in February 2017.

In Cedar Park, February sales decreased 6.8 percent to 69 sales, while the median price of single-family homes increased 12.5 percent to $329,000. In Leander, where there’s a greater supply of new homes, February sales increased 13.9 percent to 82 sales, and the median price of single-family homes decreased 6.6 percent to $269,900. Round Rock experienced a subtle increase in sales–2.8 percent from last February to 109 sales; median home prices increased 6 percent to $263,840.

Hays County

Hays County also showed a significant increase in home sales. February sales increased 12.1 percent to 222 sales compared to the previous year, and the median home price increased 6.7 percent to $255,000. Across the county, housing inventory decreased to 2.2 months of inventory, compared to 2.5 months of inventory the previous year.

Sales in Buda decreased 3.5 percent year-over-year to 28 sales, and the median home price remained unchanged at $279,900. Kyle experienced a significant increase in sales—a 21.2 percent increase to 63 sales—compared to the previous February. The median price increased slightly 2.8 percent to $213,000.

For more information on the February 2018 Central Texas Housing Market Report, visit www.abor.com/statsfeb18.

The Austin Board of REALTORS® (ABoR) is a nonprofit organization that has been serving the needs of Austin REALTORS® and consumers for more than 90 years. ABoR provides technology, education and advocacy for more than 13,000 members, as well as monthly housing market reports for Travis, Hays and Williamson counties. ABoR’s market reports include the most accurate multiple listing service (MLS) findings for the Austin area. For more information, contact the ABoR public relations team at abor@echristianpr.com or 512-454-7636. For the latest local housing market listings, visit AustinHomeSearch.com.

AUSTIN, TX–The Austin Board of REALTORS® (ABoR) first market analysis of the year shows steady increases in single-family home sales despite limited inventory, signaling a strong housing market for 2018, according to the January 2018 Central Texas Housing Market data report. The solid single-family home sales growth is constant throughout the Austin-Round Rock Metropolitan Statistical Area (MSA) as is the inventory crunch.

In the Austin-Round Rock MSA, the median price of single-family homes increased by 3.6 percent year-over-year in January 2018 to $290,000. Home sales increased by 8.5 percent to 1,655 sales, citing continual demand. Housing inventory of single-family homes in the Austin-Round Rock MSA stayed at 1.9 months of inventory, the same as last January. These inventory levels remain well below the 6.0-6.5 months of inventory that the Real Estate Center at Texas A&M University projects for a balanced housing market.

“In 2018, Central Texas’ housing market will continue to see an increase in both sales and price, despite inventory levels remaining low,” Jim Gaines, chief economist, Real Estate Center at Texas A&M University, said. “The housing demand and lack of inventory is so great, that if supply does not increase, we could see a upwards of 5 percent growth in median home prices within the Austin-Round Rock MSA. Inventory will be a determining factor in the direction of this year’s market.”

City of Austin

In the city of Austin, the median price for single-family homes increased by 10.2 percent to $347,000 year-over-year in January 2018; home sales increased by 1.5 percent to 482 sales. Housing inventory of single-family homes in January 2018 decreased to 1.3 months of inventory, compared to 1.4 months of inventory the previous January.

With the launch of the third draft of CodeNEXT, the Austin Board of REALTORS® remains focused on opportunities to positively impact the residential market with a new land use code.

“More housing capacity is necessary to offset the aggressive price increases we’re seeing in and around the city of Austin,” Steve Crorey, 2018 president of the Austin Board of REALTORS®, said. “Getting CodeNEXT right gives Austin the opportunity to manage our growth responsibly by providing more diverse housing choices and more housing overall without sacrificing the unique character of our neighborhoods.”

While inventory levels in Austin remain tight, the new home market is moving into the suburbs, with growth in Williamson and Hays counties.

Williamson County

 Williamson County saw increases in both single-family home sales and inventory. The median price for single-family homes slightly increased by 1.4 percent year-over-year to $270,215 in January 2018. Sales increased by 10.3 percent to 579 sales. In Leander, the median price for single-family homes increased by 1.9 percent year-over-year to $290,000. Single-family home sales increased by 15.2 percent year-over-year with a total of 76 sales. In Cedar Park, the median price for single-family homes increased by 10.7 percent year-over-year to $291,750. Home sales slightly decreased 1.6 percent year-over-year to 61 sales. Overall, housing inventory of single-family homes in Williamson County increased slightly to 1.9 months of inventory, compared to 1.8 months of inventory in January 2017.

Hays County

Hays County experienced the most disparate results of ABoR’s five-county region in the January 2018 report. The median price for single-family homes had a healthy increase of 13 percent year-over-year to $259,743 in January 2018. Home sales experienced a slightly higher increase of 14.5 percent with 198 total sales. Similarly, the median price for single-family homes in Kyle increased by 8.2 percent year-over-year to $224,954 in January 2018. Sales increased by 9.3 percent 47 total sales. By contrast, Buda experienced significant across-the-board decreases in growth. The median home price of single-family homes decreased by 8.2 percent year-over-year to $235,825 in January 2018; total homes sold decreased significantly, down 57.9 percent to 8 sales. Housing inventory of single-family homes in Hays County decreased to 2.3 months of inventory, compared to 2.4 months of inventory from January 2017.

Information provided by Austin Board of Realtors.

Sales increased despite flooding, taxes and rising prices

AUSTIN, TX – Central Texas had yet another record-breaking year for total homes sold, according to the December and Year-End 2017 Central Texas Housing Market Report released today by the Austin Board of REALTORS® (ABoR). State and national events such as flooding from Hurricane Harvey and the overhaul of the U.S. tax plan didn’t impact the housing market locally. Even rising home prices didn’t stop the market from growing in 2017.

In the Austin-Round Rock MSA, the 31st largest metropolitan area in the U.S., the price of homes increased by 5.4 percent to $299,900 in 2017. Home sales increased annually by 2.4 percent to 30,059 sales, an all-time high for the area.

“While the Austin area continues to break records, the pace at which annual home sales and prices are increasing in Central Texas is beginning to normalize, indicating a more stable market,” Steve Crorey, 2018 president of Austin Board of REALTORS®, said. “Affordability in Austin and the surrounding areas remains a concern for potential buyers. It’s important to address this issue in the coming years through policies and development codes that allow for more diverse housing options so that everyone can participate in home ownership.”

City of Austin

In the city of Austin, the median price for single-family homes increased annually to $362,000—an all-time high—and sales increased annually by 2.5 percent to 9,278 sales. In December, sales increased by 13.4 percent to 802 sales for the month, a contrast from October and November when the city saw declining sales. Housing inventory decreased year over year from 1.6 months of inventory in 2016 to 1.5 months of inventory in 2017.

While the number of houses available in Austin declined, inventory gradually increased in the suburbs. Home sales indicate families continue to move to surrounding areas, seeking more affordable housing options.

Williamson County

By the end of 2017, Williamson County saw steady increases in single-family home sales and inventory. Leander experienced the greatest growth with a 7.4 percent increase in sales, followed by Cedar Park (4.5 percent) and Round Rock (3.7 percent). While the median home price in Williamson County increased to $275,000, it still remains significantly lower than pricing in Austin. Housing inventory in Williamson County steadily increased from 1.8 months of inventory to 2.1 months of inventory.

“As more families move outside city limits, the city of Austin will lose out on economic development opportunities,” Crorey said. “Initiatives such as CodeNEXT can pave the way for smarter more sustainable growth in Austin, and in turn make housing more affordable across the region. It’s imperative that we get a handle on our growth as a region through these types of initiatives.”

Hays County

Annually, single-family home sales increased by 4.8 percent to 3,472 sales in Hays County. Buda contributed to this growth with a 2.9 percent increase in homes sold, while sales in Kyle declined by 3.3 percent. The median price of homes in Hays County rose to $259,000, and inventory levels grew year over year from 2.2 months of inventory in 2016 to 2.4 months of inventory in 2017.

Information provided by Austin Board of Realtors.

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