Strong Gains for Central Texas Home Sales, Decrease in Austin for First Half of Year
For the first half of 2019, the Austin-Round Rock Metropolitan Statistical Area experienced a 4.3 percent increase in home sales, while Austin home sales decreased by 1.6 percent, according to the Austin Board of REALTORS® June and Midyear 2019 Central Texas Housing Market Report.
In the Austin-Round Rock MSA, median home price reached $315,000, up one percent compared to this time frame last year. New listings increased one percent, active listings increased 4.8 percent, and pending sales increased 7.9 percent. The total sales dollar volume grew by six percent to $6,439,059,121.
For the month of June 2019, home sales increased slightly at 0.5 percent, and the median price increased three percent to $334,702.
In the city of Austin, the median home price reached $387,100 for the first half of the year, up 3.2 percent compared to this time frame in 2018. New listings decreased 3.4 percent, active listings decreased 5.7 percent, and pending sales slightly increased, with 0.2 percent growth.
For the month of June 2019, Austin home sales decreased 2.3 percent, and the median price grew by a large 10.9 percent increase to $420,000. June 2019 had a markedly low inventory of only 1.9 months, after a 0.2-month decrease.
“We have seen slight dips in Austin’s home sales before, but because this decrease is over the course of six months, it could be indicative of a larger trend,” said ABOR President Kevin P. Scanlan. “Austin’s limited housing inventory—which dropped below two months in June—and increasing home prices have resulted in fewer sales over time. As Austin continues to be one of the most desired cities to live in the United States, the suburbs are benefiting from this demand.”
Scanlan said that limited inventory in Austin and rising prices are pushing people further into the suburbs, despite the overall market continuing to grow due to strong demand.
Williamson County homes sales increased 7.8 percent in the first half of 2019, and the median price increased 0.6 percent to $285,000. Hays County home sales increased 6.3 percent in the first half of the year, and median price increased 1.9 percent to $269,900.
Austin-area June 2019 Sold Homes
- Number of sold homes: 3,349 (Up <1% compared to June 2018)
- Median sold price: $334,702 (Up 3% compared to June 2018)
- Days on the market: 46 (Unchanged compared to June 2018)
Austin-area June 2019 Single-Family Homes on the Market
- New listings: 3,901 (Down 5% compared to June 2018)
- Active listings: 7,133 (Down 3% compared to June 2018)
- Pending sales: 3,285 (Up 10% compared to June 2018)