Austin-area home sales reach all-time June high

Austin-area home sales reached an all-time high this June, increasing 13 percent over June 2013, according to a Multiple Listing Service (MLS) report released by the Austin Board of REALTORS®. This pace puts 2014 in the running for Austin’s highest all-time sales volume, potentially breaking last year’s all-time high record.

“The 2014 summer selling season in Austin was expected to be strong, and June 2014’s home sales activity did not disappoint,” said ABOR President Bill Evans. “Austin’s housing stock is rising to meet the area’s continually strong housing demand, and as a result Austin saw a sharp rise in home sales in June 2014.”

Housing inventory reached 2.8 months in June, the highest level of inventory seen since August 2013, and .2 months higher than the previous month. While 2013 saw consistently downward-trending inventory levels, 2014 has seen inventory increase by almost a full month since the beginning of the year. (Inventory is calculated based on the length of supply, with 6.5 months considered balanced.) While Austin’s inventory is still markedly low, new listings increased one percent and pending sales decreased three percent – helping this trend.

An increase in inventory hasn’t slowed down price increases: in June 2014, the median price for Austin-area single-family homes increased seven percent compared to June 2013 to $252,520. Average price increased eight percent to $326,998. For the first half of 2014, median price increased seven percent to $239,900, and average price increased six percent to $308,298.

“Despite the steady increase in home prices, demand has not been affected,” said Evans. “Homes are selling as soon as they hit the market, and if Austin continues to see increases in housing inventory, we could see corresponding increases in home sales activity.”

June 2014 Sold Homes

• Number of sold homes: 2,997 (Up 13% compared to June 2013)
• Average sold price: $326,998  (Up 8% compared to June 2013)
• Median sold price: $252,520 (Up 7% compared to June 2013)
• Days on the Market: 39 (Down four days compared to June 2013)

Single-Family Homes on the Market

• New listings: 3,701 (Up 2% compared to June 2013)
• Active listings: 6,426 (Up 6% compared to June 2013)
• Pending sales: 2,797 (Down 1% compared to June 2013)

Evans suggested 2014 could become another “best year ever” for Austin-area home sales. However, he said, “It’s important that Austin continue to replenish and expand its housing stock so these strong figures can continue. In the meantime, both homebuyers and sellers can expect the rest of the summer selling season to be highly competitive.”