Steady July for Austin-area Housing
Single-family home sales across the Austin-Round Rock Metropolitan Statistical Area increased 2.8 percent year-over-year in July 2017, with sales in Austin declining 2.5 percent that same month, according to the Austin Board of REALTORS® July 2017 Central Texas Housing Market Report. While Travis County had a 1.1 percent decline in home sales, Hays County sales increased 15.3 percent and Williamson County sales increased 2.3 percent.
Much of this impact is due to home availability. Housing levels increased in the areas surrounding Austin, with the MSA as a whole increasing 0.4 months to 3.2 months of inventory, while inventory only increased 0.1 months to 2.5 months within the city of Austin.
“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,” said ABOR President Brandy Guthrie. “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.”
Of course, it’s no surprise that median prices across the region continue to rise. In July 2017, Austin was the leader with a median price of $369,900, a 7.2 percent year-over-year increase. Median price in the Austin-area MSA reached $301,332 in July 2017, an increase of 5.2 percent. Hays County median price increased 13.1 percent to $270,000, Travis County median price increased 7.4 percent to $359,865, and Williamson County median price increased 4.4 percent to $274,450.
Total sales dollar volume in the Austin-area MSA increased 12.4 percent to $1,119,620,855.
New home construction may be a moderating factor in the future. “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,” said Guthrie.
Austin-area July 2017 Sold Homes
- Number of sold homes: 2,892 (Up 2.8 % compared to July 2016)
- Median sold price: $301,332 (Up 5.2 % compared to July 2016)
- Days on the market: 44 (Up 3 days compared to July 2016)
Austin-area July 2017 Single-Family Homes on the Market
- New listings: 3,864 (Up 3.8 % compared to July 2016)
- Active listings: 7,965 (Up 16.9% compared to July 2016)
- Pending sales: 2,948 (Up 5.1 % compared to July 2016)