Austin-area Home Sales Down 4.9 Percent, Home Prices up 5.6 Percent
Single-family home sales in the Austin-area decreased 4.9 percent in July 2016 compared to July 2015, to 2,900 home sales, but median price saw another increase, rising 5.6 percent to $285,000, according to the July 2016 Central Texas Housing Market Report by the Austin Board of Realtors®.
“When it comes to sales volume, we’ve grown very used to seeing year-over-year increases every single month, but it’s important to remember that 2015 had the strongest summer selling season in the region’s history,” said ABOR President Aaron Farmer.
Housing inventory in the Austin-area was statistically unchanged compared to July 2015, at 2.8 months, almost four months shy of the rate considered a balanced market by the Real Estate Center at Texas A&M University.
Within the city limits of Austin, median price increased 4.6 percent in July to $345,000. Home sales saw a sizeable drop of 7.3 percent, to 870 homes sold. Housing inventory increased to 2.4 months, compared to 2.1 months in July 2015.
Home inventory in the Austin-Round Rock Metropolitan Statistical Area (MSA) in July 2016 was under a one month supply for homes between $100,000 and $200,000, over four months for homes above $400,000, and more than 13 months for homes priced at $1 million and above.
Realtor.com® Chief Economist Jonathan Smoke said, “Home prices are at their highest level in history in the Austin-Round Rock MSA, and as a result more existing homeowners have been putting their homes on the market this year.” He said the area remains hot relative to the United States. “Listings in Austin moved 20 days faster than the U.S. overall and received 39 percent more views compared to the U.S. average on realtor.com®.”
Austin-area July 2016 Sold Homes
- Number of sold homes: 2,900 (Down 5% compared to July 2015)
- Median sold price: $285,000 (Up 6% compared to July 2015)
- Days on the market: 40 (Down 1 day compared to July 2015)
Austin-area July 2016 Single-Family Homes on the Market
- New listings: 3,709 (Down 7% compared to July 2015)
- Active listings: 6,805 (Up 6% compared to July 2015)
- Pending sales: 2,864 (Up 6% compared to July 2015)