Austin-area Home Sales Increase Double Digits to Break July Record
Austin-area home sales increased 11.7 percent in July 2019, setting a July record with 3,439 home sales, according to the Austin Board of REALTORS® Central Texas Housing Market Report. Sales dollar volume for the area also increased by double digits, rising 15.4 percent to $1,407,009,110 in total home sales for the month.
Median price within the Austin area rose a more modest 3.2 percent, to $325,000. Inventory declined 0.2 months compared to last July, for a total of 2.7 months of inventory. While new listings increased four percent, active listings decreased 3.5 percent, and pending sales were up 17.4 percent.
Within the city of Austin, home sales decreased less than one percent to remain steady at 943 sales, and inventory dropped 0.2 months compared to July 2018 to 1.9 months. Median price increased 6.9 percent in July 2019 to $410,000. New listings were flat, active listings decreased by 14.7 percent, and pending sales increased by 10.2 percent.
“Due to the lack of affordable options and tight inventory in the city of Austin, home sales are declining within the city limits but increasing in the surrounding areas,” said Real Estate Center at Texas A&M University Chief Economist Jim Gaines. “The good news is, we’re seeing home prices begin to stabilize.” He described the overall market as “still very strong.”
ABOR President Kevin P. Scanlan said, “Regional single-family home sales posted strong gains this July, indicating the summer selling season is likely to remain active and steady throughout August. It’s a sellers’ market right now. Even though we saw an increase in new listings, inventory remains low. Homes located inside city limits are spending less than one month on the market, on average.”
In Williamson County, home sales increased 15.4 percent in July 2019, and median price increased 3.8 percent to $292,000. In Hays County, home sales increased 22.4 percent in July, and median price rose 1.5 percent to $265,000.
Austin-area July 2019 Sold Homes
- Number of sold homes: 3,439 (Up 12% compared to July 2018)
- Median sold price: $325,000 (Up 3% compared to July 2018)
- Days on the market: 47 (Up one day compared to July 2018)
Austin-area July 2019 Single-Family Homes on the Market
- New listings: 3,841 (Up 4% compared to July 2018)
- Active listings: 7,197 (Down 4% compared to July 2018)
- Pending sales: 3,385 (Up 17% compared to July 2018)