Austin-area Experiences Highest Volume of Homes Sold Since 2011, Highest Median Price Ever
In July 2018, Austin-area real estate reached its highest home sales volume since July 2011, according to the Austin Board of REALTORS® July 2018 Central Texas Housing Market Report. Median price in the Austin area hit its highest point ever, with a median price of $320,000, a six percent increase. The city of Austin had double digit increases in home sales in July 2018, increasing 13.5 percent compared to July 2017, and sales dollar volume also had a double digit increase, with a 19.8 percent gain.
“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,” said ABOR President Steve Crorey. “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 Austin-Round Rock Metropolitan Statistical Area, home sales increased 8.8 percent in July 2018 to 3,103 sales, and sales dollar volume was up 13.7 percent to $1,254,255,680. Pending sales also were up strongly for the second month in a row, with a 10.8 percent increase compared to July 2017. Active listings fell 2.7 percent and new listings fell 1.2 percent.
Metrostudy Austin Regional Director Vaike O’Grady said, “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.”
In the city of Austin, median price increased six percent in July 2018 to $390,000. New listings were down seven percent, and active listings were down 13.8 percent, while pending sales were up 11.6 percent. Inventory dropped 0.4 months to 2.1 months.
Crorey said the data underscores the ongoing strong housing demand in the region. “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.”
Austin-area July 2018 Sold Homes
- Number of sold homes: 3,103 (Up 9% compared to July 2017)
- Median sold price: $320,000 (Up 6% compared to July 2017)
- Days on the market: 44 (Unchanged compared to July 2017)
Austin-area July 2018 Single-Family Homes on the Market
- New listings: 3,738 (Down 1% compared to July 2017)
- Active listings: 7,522 (Down 3% compared to July 2017)
- Pending sales: 3,065 (Up 11% compared to July 2017)