June 2018 Austin-area Home Sales Slow but Still on Track for Record
Austin-area home sales slowed in June 2018, with a 2.7 percent dip compared to June 2017, according to the Austin Board of REALTORS® June & Midyear 2018 Central Texas Housing Market Report. Despite this, the area “experienced strong and steady growth in the first half of this year,” according to the report.
“Despite a decline in home sales volume across Central Texas in June, 2018 is on track to be another record-setting year for the region’s housing market,” said ABOR President Steve Crorey. “Consecutive years of record-breaking sales activity have set the bar incredibly high, and it’s important to remember that we’re comparing June 2018 figures to that strong activity. The Central Texas housing market remains strong and continues to move at a demanding pace.”
For the month of June 2018, in addition to the 2.7 percent decrease in sales, median price increased 4.9 percent to $326,250 in the Austin Metropolitan Statistical Area and inventory decreased 0.1 months to 2.9 months.
For the year so far, home sales in the Austin area are still up, with a 3.7 percent increase compared to this time in 2017. Median price also is up, with a 4.3 percent increase and a median price of $313,000. Total sales dollar volume is up 8.2 percent to $6,025,035,605.
For the city of Austin, home sales decreased 4.5 percent in June 2018, the first decrease in June since 2013. Median price also had a slight decrease of 0.4 percent, for a median price of $388,000. Inventory decreased 0.3 months to 2.1 months, and homes were on the market an average of 30 days, six less than June 2017.
For 2018 so far, the city of Austin has experienced a 1.3 percent increase in sales and a three percent increase in median price, to a price of $375,760.
Real Estate Center at Texas A&M University Chief Economist Jim Gaines said, “Strong population growth and home sales activity are expected to continue in the Central Texas region for the rest of the year and into 2019.” He described the Central Texas housing market as among the top three in the United States. “The region’s population growth, particularly along the I-35 corridor, is fueled by diversified economic opportunities that bring jobs, new businesses, and resources across multiple industries.”
Austin-area June 2018 Sold Homes
- Number of sold homes: 3,299 (Down 3% compared to June 2017)
- Median sold price: $326,250 (Up 5% compared to June 2017)
- Days on the market: 44 (Down 2 days compared to June 2017)
Austin-area June 2018 Single-Family Homes on the Market
- New listings: 4,138 (Down 3% compared to June 2017)
- Active listings: 7,378 (Down 1% compared to June 2017)
- Pending sales: 3,201 (Up 8% compared to June 2017)