Austin, Texas Real Estate Market Update and Statistics August 2020
published on August 20, 2020
Austin-area Housing Market Surges in July 2020
Austin-area home sales surged 21.5 percent in July 2020 compared to July 2019, according to the Austin Board of REALTORS® Central Texas Housing Market Report. July was the second consecutive month of strong sales following a short-term pullback in the market due to COVID-19 stay-in-place orders. Median home price for the Austin-Round Rock Metropolitan Statistical Area increased 10.7 percent to $353,000.
“July was a very encouraging month for the Central Texas housing market,” said ABOR President Romeo Manzanilla. “Strong home sales, combined with an increase in new listings and pending sales, are important benchmarks when analyzing the health of our market. A healthy housing marketing is vital to the overall economic recovery in the region, and with two consecutive months of positive numbers, we are growing more confident that this is sustainable and can help be the spark that gets our economy back on track.”
Inventory in the Austin-Round Rock MSA dropped an entire month to 1.7 months of inventory. “Our market is now ultra-competitive because of our dangerously low inventory and that is cause for concern over the long-term,” Manzanilla said. However, “The jobs pipeline into Austin continues to create new economic opportunities and a double-digit percentage gain in new listings in July, coupled with buyers continuing to take advantage of historically low interest rates, allows us to be cautiously optimistic about the remainder of 2020.”
In the city of Austin, home sales had a similar increase of 21.4 percent when compared to last July. Sales dollar volume was up almost 42 percent to $793,610,174. Median price increased 11.3 percent to $423,000. Inventory declined 0.3 months to 1.7 months.
Austin Chamber of Commerce President and CEO Laura Huffman said, “Even amidst the pandemic, Austin still shines as a magnet for companies that appreciate our robust business climate and abundant talent pool. Recent economic development successes in the region—notably from Tesla and BAE Systems—will bring thousands of jobs to the region and contribute to our ongoing population growth. Our region has a long way to go in its recovery from the brunt of this pandemic, but economic indicators show the Central Texas economy will weather this storm.”
Williamson County home sales increased 24.5 percent, and median price increased 10.5 percent to $314,995. Inventory was down 1.1 months to a 1.5-month supply. Hays County home sales increased 32.8 percent, and median price increased 18.1 percent to $310,000. Inventory was down 1.4 months to 1.9 months.
Austin-area July 2020 Sold Homes
- Number of sold homes: 4,537 (Up 21% compared to July 2019)
- Median sold price: $353,000 (Up 10% compared to July 2019)
- Days on the market: 44 (Down 3 days compared to July 2019)
Austin-area July 2020 Single-Family Homes on the Market
- New listings: 4,767 (Up 13% compared to July 2019)
- Active listings: 5,309 (Down 32% compared to July 2019)
- Pending sales: 4,607 (Up 32% compared to July 2019)
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