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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.

Austin Board of REALTORS® releases November 2017 Central Texas Housing Market Report

AUSTIN, Texas – Dec. 14, 2017 – Single-family home sales declined in the city of Austin but increased across the Austin-Round Rock Metropolitan Statistical Area (MSA) for the second month in a row, according to the November 2017 Central Texas Housing Market Report released today by the Austin Board of REALTORS®.

Brandy Guthrie, 2017 President of the Austin Board of REALTORS­® commented, “Due to rapid population growth throughout Central Texas, Austin continues to have one of the highest demands for housing in the nation. Homes sales are the strongest where price points are the lowest and where development options are available, such as parts of Williamson and Hays counties. We are seeing some slowing home price appreciation and housing inventory gains, which is normalizing us to a more stable market and aligning us with long-term historical market trends.”

Single-family home sales in the city of Austin declined 3.3 percent to 653 home sales in November. During the same time frame, single-family home sales in the Austin-Round Rock MSA increased 3.7 percent year-over-year to 2,196 home sales. At the county level, single-family home sales volume jumped 10.2 percent in Williamson County to 778 home sales and Hays County jumped 14.3 percent to 280 home sales. Due to the decline in home sales volume within the city of Austin, single-family homes sales volume declined 1.3 percent year-over-year in Travis County to 1,032 home sales.

“Even with the market normalization trends we are seeing, home sales volume throughout the Austin-Round Rock MSA is still on-pace with 2016 year to date,” added Guthrie. “If this month’s home sales volume exceeds that of December 2016, 2017 will most likely be another record-breaking year for the Austin-area housing market.”

The pace of home price growth continued to slow in November. In the Austin-Round Rock MSA, the median price for single-family homes increased 2.9 percent year-over-year to $296,500. In Williamson County, the median price for single-family homes was unchanged from November 2016, or $275,000. In Hays County, median price increased 4.0 percent to $260,000 and in Travis County, median price increased 6.1 percent to $341,000. In the city of Austin, the median price for single-family homes increased 6.8 percent year-over-year to $360,000.

“The 2018 Austin-area housing market will be a lot like this year’s housing market – slower, but still very strong housing market activity,” said Mark Sprague, State Director of Information Capital for Independence Title. “However, there are multiple economic factors to watch out for going into next year. Slowing job growth in Central Texas, the impact of Hurricane Harvey on the price of building materials and housing development costs, and the overhaul of the U.S. tax plan are all factors that could hinder housing market growth and negatively impact housing affordability in the Austin area in 2018.”

Housing inventory increased 0.2 months to 2.5 months of inventory across the Austin-Round Rock MSA and 0.1 months to 2.0 months of inventory in the city of Austin in November. At a county level, housing inventory was 2.9 months in Hays County, 2.5 months in Travis County and 2.4 months in Williamson County.

Both pending sales and active listings figures throughout the Austin-Round Rock MSA indicate that single-family home sales growth could continue through the end of 2017. In November, active listings for the five-county MSA increased 13.7 percent to 6,391 listings and pending sales jumped 14.9 percent to 2,340 sales.

“2018 will be an incredibly important year in determining the future health and sustainability of Austin’s housing market and its communities,” concluded Guthrie. “Due to high home prices, stagnating job and household income growth, and ongoing development hurdles, Austin continues to lose out on economic development opportunities to surrounding suburban markets. Our city desperately needs a fresh vision and a new Land Development Code that paves the way for smart growth in both our residential and commercial sectors. The longer we wait to implement CodeNEXT, the more of a foothold housing affordability has on our region’s ability to grow in a sustainable way.”

Information provided by Austin Board of Realtors.

Austin Board of REALTORS® releases October 2017 Central Texas Housing Market Report

AUSTIN, Texas – Nov. 14, 2017 – Single-family home sales increased across the Austin-Round Rock Metropolitan Statistical Area (MSA) in October, but declined in the city of Austin, according to the October 2017 Central Texas Housing Market Report released today by the Austin Board of REALTORS®.

Brandy Guthrie, 2017 President of the Austin Board of REALTORS­® commented, “The Austin-Round Rock housing market continues to slightly outperform last year’s home sales activity, keeping 2017 on-pace for another record year for home sales. At the same time, low housing inventory levels along with constrained housing development activity throughout the city of Austin are preventing home sales growth at the city level.”

Single-family home sales in the Austin-Round Rock MSA increased 2.2 percent year-over-year to 2,292 home sales in October 2017. During the same time frame, single-family home sales in the city of Austin declined 1.7 percent to 699 home sales. At the county level, home sales volume increased 1.4 percent year-over-year to 1,124 home sales in Travis County, increased 5.4 percent to 794 home sales in Williamson County, and increased 6.2 percent to 274 home sales in Hays County.

Housing inventory levels continued to edge upward across the five-county MSA in October, increasing 0.2 months to 2.8 months of inventory. In the city of Austin, single-family housing inventory increased 0.1 months to 2.3 months of inventory. Housing inventory levels across the region continue to be well within a seller’s market, compared to the Real Estate Center at Texas A&M University’s estimation of 6.0-6.5 months of inventory as a balanced housing market.

Gains in housing inventory throughout 2017 have been partially driven by strong housing development throughout much of the region. The Q3-2017 Austin Housing Report by Metrostudy released last month reported that new home starts in the trailing 12 months ending September 30, 2017, are at a 10-year high, with a majority of housing development activity concentrated in local markets surrounding Austin such as Pflugerville and the west side of Cedar Park/Leander.

“Developers and builders are beginning to experiment with lower-cost, higher-density products between $200,000 and $300,000 in suburban markets, where products like townhomes and smaller single-family homes can be built more easily,” said Vaike O’Grady, Austin Regional Director for Metrostudy. “Shortages of vacant developed lots and regulatory hurdles in Austin make it difficult for meaningful housing development activity to occur within Austin’s city limits.”

Home prices continued to rise at a steady pace in October 2017. The median price for single-family homes increased 4.3 percent to $286,742 across the Austin-Round Rock MSA and increased 9.1 percent to $360,000 in the city of Austin during October.

“Next to CodeNEXT, the City’s selection of a new city manager will have the single-greatest impact on the direction of our region’s future and the sustainability of Austin’s housing market, so it’s critical that local community stakeholders and business leaders have the opportunity to weigh in on this important decision,” concluded Guthrie. “Austin deserves a city manager who isn’t afraid to tackle the issues impeding our city’s development with bold strategies and creative solutions. The Austin Board of REALTORS® will look to our new City Manager to put a leadership team in place that will bring the cultural and operational changes needed to move forward.”

Information provided by Austin Board of Realtors.

 

Austin Board of REALTORS® releases September 2017 Central Texas Housing Market Report

AUSTIN, Texas – Oct. 17, 2017 – Single-family home sales declined across most of the Austin-Round Rock Metropolitan Statistical Area (MSA) in September, while inventory levels continued to increase, according to the September 2017 Central Texas Housing Market Report released today by the Austin Board of REALTORS®.

Brandy Guthrie, 2017 President of the Austin Board of REALTORS­® commented, “Despite last month’s dip in home sales activity, it’s important to remember that we’re comparing our current figures to the record-breaking housing market activity in 2016 and it’s not necessarily indicative of a downturn.”

Lawrence Yun, Chief Economist and Senior Vice President of Research at the National Association of REALTORS®, agreed: “Austin has had one of the fastest job growth rates in the country over the past decade and consequently one of the strongest housing markets with rising sales. But steady depletion of housing inventory is resulting in a fast rise in home prices and affordability challenges. The construction of single-family homes as well as condominiums needs to ramp up higher in order to fully satisfy housing demand and maintain housing affordability. Otherwise, job growth could stall and bring less dynamism to the local economy.”

Single-family home sales in the Austin-Round Rock MSA decreased 4.3 percent year-over-year to 2,433 home sales in September 2017. Single-family home sales also declined in most of the counties in Central Texas, with the exception of Williamson County (up 1.0 percent year-over-year to 873 home sales). Home sales declined in Travis County (down 8.6 percent year-over-year to 1,146 home sales), Hays County (down 0.3 percent year-over-year to 299 home sales) and the city of Austin (down 4.1 percent year-over-year to 719 home sales).

“For 2018, slightly higher mortgage rates will further pressure affordability and therefore attest to even greater need for new home construction to tame home price pressure,” commented Yun. “Home sales, based on recent past job creation, should continue to modestly increase in 2018. But home sales in 2019 will depend critically on inventory availability.”

Home prices in the five-county MSA continued to rise at a steady pace in September. During the same time frame, the monthly housing inventory for single-family homes in the Austin-Rock MSA continued to rise for the ninth consecutive month increasing 0.3 months to 3.0 months. In the city of Austin, median price increase 4.0 percent to $355,000 in September, while monthly housing inventory remained unchanged at 2.4 months of inventory. The increase in housing inventory has led to a recent spike in new and active listings.

Guthrie concluded: “The City of Austin’s latest draft of our new Land Development Code, CodeNEXT, shows that there’s still a long way to go to create a code that ensure all types of housing at all price points throughout our great city. True housing affordability will never be achieved until we have a land development code that allows this type of healthy, balanced and diverse housing stock. The Austin Board of REALTORS® will continue to advocate for policies which support this happening.”

Information provided by Austin Board of Realtors.

 

 

Austin Board of REALTORS® releases August 2017 Central Texas Housing Market Report

AUSTIN, Texas – Sept. 19, 2017 – The 2017 Central Texas summer selling season was the strongest on record in terms of single-family home sales and median price across the Austin-Round Rock Metropolitan Statistical Area (MSA). Single-family home sales volume jumped in the city of Austin in August, while median price held steady according to the August 2017 Central Texas Housing Market Report released today by the Austin Board of REALTORS®.

Brandy Guthrie, 2017 President of the Austin Board of REALTORS­®, commented: “The Central Texas housing market just experienced the strongest summer selling season on record. The Austin-Round Rock MSA saw record breaking growth, during which median price topped $300,000 and home sales volume topped $1 billion four consecutive months in a row.”

In August 2017, single-family home sales volume in the Austin-Round Rock MSA increased 1.0 percent year-over-year to 2,994 home sales, while home sales within the city of Austin jumped 6.1 percent year-over-year to 927 home sales. During the same month, single-family home sales volume increased 0.9 percent to 1,463 home sales in Travis County, declined 1.1 percent to 365 home sales in Hays County and increased 0.3 percent to 1,025 home sales Williamson County.

Housing inventory levels remained above 3.0 months of inventory in every market except the city of Austin in August 2017. In the Austin-Round Rock MSA, the monthly housing inventory levels for single-family homes increased 0.4 months to 3.1 months of inventory. Within the city of Austin, monthly housing inventory rose 0.1 months year-over-year to 2.4 months of inventory, well under the 6.0-6.5 months of inventory the Real Estate Center at Texas A&M University cites as a balanced housing market.

Coupled with rising home prices, this recent surge in home sales activity made May-August 2017 the highest-grossing summer selling season across Central Texas real estate in the region’s history. For the fourth time this year, single-family home sales dollar volume topped $1 billion ($1,128,565,155) in a single month within the five-county area, which is an increase of 5.9 percent from August 2016.

Dr. Jim Gaines, Chief Economist for The Real Estate Center at Texas A&M University, agreed: “The Austin-Round Rock MSA looks like it is moving toward a more normalized housing market. Similar to what we’re seeing across the state, housing inventory levels are slowly increasing, despite continued increases in sales volume and median price. That could indicate that in the latter half of 2017, we will likely experience some slowing of the home price increases that have become common in recent years – not price decreases, as the relationship between home buying and selling activity begins to balance out.”

The median price for single-family homes continued to rise at a steady pace in August 2017, increasing 2.7 percent year-over-year in Austin to $361,000 and increasing 4.0 percent year-over-year to $300,000 across the five-county MSA. At a county level, median sales price increased 4.4 percent to $262,990 in Hays County, 2.7 percent to $350,000 in Travis County and 6.4 percent to $276,500 in Williamson County.

Strong gains in listings activity as well as pending sales activity across the region continued in August 2017. In the Austin-Round Rock MSA, active listings jumped 16.1 percent year-over-year to 7,781 listings; new listings grew 8.2 percent year-over-year to 3,316 listings; and pending sales rose 8.1 percent year-over-year to 2,710 pending sales.

Guthrie concluded, “With the Central Texas population growing at record levels, housing affordability continues to be strained. While we’re currently seeing positive upticks in housing inventory across our region, housing prices will continue to rise with demand. As Central Texas REALTORS®, it’s our commitment to advocate for affordable housing options, particularly within entry-level homebuyers.”

Information provided by Austin Board of Realtors.

 

 

 

Austin Board of REALTORS® releases July 2017 Central Texas Housing Market Report

AUSTIN, Texas – Aug. 17, 2017 – Single-family home sales volume held steady across the Austin-Round Rock Metropolitan Statistical Area (MSA) in July, while housing inventory levels posted strong gains, according to the July 2017 Central Texas Housing Market Report released today by the Austin Board of REALTORS®.

Brandy Guthrie, 2017 President of the Austin Board of REALTORS­®, commented: “In years past, the high demand of the summer selling season has further constrained inventory levels and further pushed up home prices. This year has been different, with steady gains in sales volume as well as listings and inventory throughout the summer. During a month when housing inventory should reach its lowest point of the year, housing inventory across the Central Texas region is at its highest point since fall 2012.”

In July 2017, single-family home sales volume in the Austin-Round Rock MSA increased 2.8 percent year-over-year to 2,892 home sales, while home sales within the city of Austin declined 2.5 percent year-over-year to 832 home sales. This dip in Austin’s home sales growth impacted Travis County at large, which experienced a 1.1 percent decline in home sales volume in July 2017, or 1,368 home sales. During the same month, single-family home sales volume jumped 15.3 percent to 376 home sales in Hays County and increased 2.3 percent to 1,004 home sales Williamson County.

Housing inventory levels surpassed 3.0 months of inventory in multiple markets in July 2017. In the Austin-Round Rock MSA, the monthly housing inventory levels for single-family homes increased 0.4 months to 3.2 months of inventory. At the county level, housing inventory increased 0.3 months year-over-year to 3.6 months in Hays County, increased 0.3 months to 3.2 months of inventory in Travis County, and jumped 0.6 months to 3.0 months of inventory in Williamson County.

Single-family housing inventory remained under 3.0 months in the city of Austin in July 2017, increasing only 0.1 months to 2.5 months of inventory. Despite strong gains in housing inventory last month, Central Texas housing inventory levels remain well under the 6.0-6.5 months of inventory the Real Estate Center at Texas A&M University cites as a balanced housing market.

Guthrie continued, “Strong homebuilding activity throughout Central Texas – particularly in Williamson and Hays counties – has been a key driver of housing inventory growth and in starting the region’s housing market on the path towards a balance between supply and demand. It’s important to note, however, that as home prices and development costs continue to rise, so does the price range of homes on the market.”

The 2017 Austin Quarterly Briefing recently released by Metrostudy showed that the pace of single-family home starts in the Austin area are at their highest level in 10 years, with approximately 1,000 more home starts in the second quarter of 2017 than the year prior. More than half of these home starts were in the $250,000-$299,999 price category, with Cedar Park/Leander West, Pflugerville and Kyle/Buda comprising nearly one-third of home starts activity. Metrostudy’s boundaries cover Hays, Williamson and Travis counties.

The median price for single-family homes continued to rise at a steady pace in July 2017, increasing 7.2 percent year-over-year in Austin to $369,900 and increasing 5.2 percent year-over-year to $301,332 across the five-county MSA. At a county level, median sales price jumped 13.1 percent to $270,000 in Hays County, 7.4 percent to $359,865 in Travis County and 4.4 percent to $274,450 in Williamson County.

During the same time frame, active listings for single-family homes experienced double-digit gains throughout the Austin-Round Rock MSA, jumping 16.9 percent year-over-year to 7,965 active listings. Active listings, which indicates the quantity of homes available on the market at any given time, increased 20 percent in Hays County, 13.3 percent in Travis County, 26 percent in Williamson County and 10.2 percent in the city of Austin.

Guthrie concluded, “While housing development is critical to maintaining inventory amidst rapid demand, the long-term sustainability of our market lies not in the pace of development but in the price points and types of housing options being developed. Without sound development policies in place that allow for lower-cost housing solutions to be built in Austin and in surrounding markets, our region’s housing affordability crisis will only continue to worsen.”

 

 

Austin Board of REALTORS® releases Mid-Year 2017 Central Texas Housing Market Report

AUSTIN, Texas – July 20, 2017 – Central Texas single-family home sales growth slowed in the first half of 2017 while home prices continued to grow at a steady pace, according to the Mid-Year 2017 Central Texas Housing Market Report released today by the Austin Board of REALTORS®.

“The Central Texas housing market continued to show signs of normalization in the first half of the year, with positive but more moderate gains in sales activity,” said Brandy Guthrie, President of the Austin Board of REALTORS®. “Homes are spending more time on the market and housing inventory levels have slowly increased throughout the year. While it could take years for the region’s housing market to achieve balance between homebuying and selling activity, these trends indicate that the Central Texas housing market could finally be moving in that direction.”

Austin-Round Rock Metropolitan Statistical Area (MSA)

Single-family home sales in the five-county Austin-Round Rock MSA rose 2.8 percent year-over-year to 14,958 home sales in the first half of 2017, while median price rose 6.4 percent year-over-year to $300,000. Home listings also experienced gains in the first half of the year, with active listings jumping 15 percent to 6,153 listings, new listings rising 9.0 percent to 22,293 listings, and pending sales rising 3.5 percent to 16,665 sales. Sales dollar volume in the Austin-Round Rock area was $5,618,721,669, a 10.4 percent increase from the first six months of 2016.

Single-family housing market activity maintained steady growth in June 2017, with home sales volume increasing 4.4 percent year-over-year to 3,415 sales. Median price rose 6.6 percent to $314,000 during the same time frame. Monthly housing inventory jumped 0.5 months annually to 3.1 months, which is just under half of the Real Estate Center at Texas A&M University’s benchmark of 6.5 months as a balanced housing market.

City of Austin

Single-family home sales in the city of Austin increased 4.3 percent to 4,680 home sales in the first half of 2017. Of the 22,449 single-family homes sold in the 18-county Central Texas region in the first half of the year, approximately only one in five (20.8 percent) were sold within the Austin city limits. Median price increased 7.7 percent to $365,000 in the first half of the year, while active listings increased 8.7 percent to 1,435 listings during the same time frame.

“So far in 2017, home price appreciation throughout Central Texas has ranged between 5-8 percent,” commented Guthrie. “While this is less than the double-digit home price increases experienced over the last few years, the impact on housing affordability for the typical Central Texas homebuyer is still significant. In the city of Austin, for example, the median price for single-family homes in the first half of 2017 was more than $26,000 higher than in the same time period in 2016.”

In June 2017, Austin home sales edged up 2.1 percent to 1,015 home sales, while median price jumped 13.2 percent to $393,500 during the same time frame. Housing inventory increased 0.1 months to 2.4 months of inventory, while homes spent an average of 36 on the market, an increase of two days from June 2016.

Travis County

In the first half of 2017, Travis County single-family home sales increased 2.2 percent year-over-year to 7,388 home sales – nearly half of all single-family homes sold in the five-county MSA during the same time frame. In the meantime, median price increased 6.6 percent year-over-year to $351,804. In June 2017, single-family home sales increased 5.2 percent to 1,669 home sales, median price rose 7.1 percent to $375,000 and monthly housing inventory grew 0.3 months to 3.1 months of inventory.

Williamson County

Williamson County single-family home sales remained flat in June 2017, declining 0.1 percent year-over-year to 1,167 home sales. Median price rose 5.9 percent to $286,000 during the same time frame. Housing inventory jumped 0.7 months to 2.9 months of inventory in June 2017, which is the lowest housing inventory level of any county in the Austin-Round Rock MSA.

In the first half of 2016, single-family home sales grew 1.2 percent to 5,067 home sales, while median price rose 6.2 percent to $276,000. More homes were sold in Williamson County in the first half of the year than in the city of Austin – despite having less than half the population size of the city of Austin – as strong housing development throughout Williamson County continues to drive sales activity. Active listings soared 23.8 percent in the first half of the year to 1,958 listings, while new listings increased 11.8 percent to 7,407 listings.

“Williamson County’s housing market growth continues to be stifled by incredibly strong demand coupled with low housing inventory levels. While Williamson County’s housing inventory is slowly recuperating from the critical levels reached in 2016, the county’s housing inventory remains among the lowest in the region,” commented Guthrie.

Hays County

In the first half of 2017, Hays County single-family home sales rose 7.3 percent year-over-year to 1,799 home sales, while median price increased 5.7 percent year-over-year to $256,509. As a result of strong housing development and sales activity throughout the county, new listings increased 12.3 percent year-over-year to 2,678 listings and active listings jumped 16 percent year-over-year to 856 listings in the first half of the year. In June 2017, single-family home sales jumped 14.5 percent year-over-year to 427 home sales, while median price increased 6.7 percent to $266,250 during the same time frame.

Guthrie concluded: “Recent Federal Reserve data shows that our region’s job and economic growth are slowing at the same time that rising housing costs are creating a net loss in wagesfor Central Texas residents. Housing affordability is more than just one’s ability to buy a home where one lives and works – it’s also one’s ability to be a participant in their local economy. This ability is increasingly strained as rising home prices push more and more Austin residents into surrounding areas to find an affordable home, increasing distances between housing, workplaces and essential services.”

Information provided by Austin Board of Realtors.

 

 

Austin Board of REALTORS® releases May 2017 Central Texas Housing Market Report

AUSTIN, Texas – June 15, 2017 – Single-family home sales volume experienced strong gains across the Austin-Round Rock Metropolitan Statistical Area (MSA) in May, while home sales dollar volume topped $1.2 billion and set an all-time high for sales dollar volume, according to the May 2017 Central Texas Housing Market Report released today by the Austin Board of REALTORS®.

Brandy Guthrie, 2017 President of the Austin Board of REALTORS­®, commented, “Housing is the backbone of our region’s economy and the heart of our communities. Housing demand continues to be at an all-time high in and around Austin, indicated by steady growth in home sales and prices, listing activity and housing inventory. The concurrent gains in listing activity and inventory, in particular, are a positive sign that housing inventory could continue to increase throughout the aggressive summer selling season.”

In May 2017, single-family home sales volume increased 9 percent year-over-year to 3,170 home sales in the Austin-Round Rock MSA and rose 9.7 percent year-over-year to 993 home sales in the city of Austin. Home sales growth was equally strong at the county level during the same time frame, with single-family home sales volume jumping 14.8 percent to 364 home sales in Hays County, increasing 6.3 percent to 1,546 home sales in Travis County and increasing 8.3 percent to 1,117 home sales in Williamson County.

Coupled with rising home prices, this recent surge in home sales activity made May 2017 the highest-grossing month for Central Texas real estate in the region’s history. For the first time this year, single-family home sales dollar volume topped $1 billion ($1,234,217,617) in a single month within the five-county area, which is an increase of 18.4 percent from May 2016. This is an all-time high for home sales dollar volume in the Austin-Round Rock MSA.

During the same time frame, the median price for single-family home sales increased 8 percent year-over-year to $310,000 in the Austin-Round Rock MSA and rose 8.6 percent year-over-year to $380,000 within Austin’s city limits. At the county level, median sales price jumped 10.4 percent to $262,250 in Hays County, increased 8.5 percent to $371,000 in Travis County and increased 6.5 percent to $284,375 in Williamson County.

Strong gains in listings activity as well as pending sales activity across the region continued in May 2017, which in turn continues to boost both home sales volume and housing inventory levels. In the Austin-Round Rock MSA, active listings jumped 22 percent year-over-year to 6,972 listings; new listings jumped 15 percent year-over-year to 4,369 listings; and pending sales rose 7.7 percent year-over-year to 3,437 pending sales.

Housing inventory levels also continued to rise in May 2017, increasing 0.4 months annually to 2.8 months of inventory across the five-county MSA. Within the city of Austin, monthly housing inventory rose 0.2 months year-over-year to 2.1 months of inventory. An analysis of monthly housing inventory at the price class level, however, showed that inventory levels for homes priced under $250,000 mostly remain under one month of inventory throughout the region.

“Housing inventory is on the rise, but the housing stock that’s being added to the market is increasingly at higher price points,” commented Guthrie. “Rising property values and housing development costs are rapidly causing an upward shift in the price range of residential real estate available within Austin and across the region. This trend will not be reversed until our city is able to come together to create strong, purposeful changes to Austin’s zoning maps that paves the way for housing at all price ranges to exist.”

Guthrie concluded, “The Central Texas housing market is moving at an increasingly faster pace. For every day Austin does not have a functioning Land Development Code, our commutes lengthen, housing costs in our neighborhoods increase and our residents’ quality of life is impacted. The Austin Board of REALTORS® urges the City of Austin not to delay this important task any further, and we will continue to work alongside our City and our community to help create the best path to meet Austin’s needs now and with our future growth.”

Information provided by Austin Board of Realtors.

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