Austin-area Home Sales Flat in February 2017, while Prices Rise
Austin-area single family home sales increased 0.9 percent in February 2017 compared to February 2016, resulting in 1,829 home sales. Median price, meanwhile, continued its climb, rising 6.5 percent to $287,000, according to the Austin Board of REALTORS® February 2017 Central Texas Housing Market Report.
The ABOR release posited that the Austin-Round Rock Metropolitan Statistical Area is transitioning to more stable market conditions. “The Central Texas housing market is just now beginning to catch up to itself after years of unprecedented sales growth. It’s important to remember that current figures are being compared to very strong housing market activity in 2016, so a decline in home sales growth does not automatically mean that the market is softening,” said ABOR President Brandy Guthrie.
The cities of Buda, Cedar Park, Leander, and Austin all experienced increases in home sales. Buda was up 30 percent year-over-year, Cedar Park was up 20.7 percent, Leander was up 8.8 percent, and Austin was up 6.4 percent.
Austin’s growth in home sales was attributed to the luxury market. “Home sales growth in the city of Austin is currently being driven by the sales of single-family homes priced $750,000 and higher, particularly within the luxury housing market,” said Guthrie.
Inventory homes in the Austin-Round Rock MSA increased 0.1 months to 2.1 months, still well below the 6.5 months considered balanced by the Real Estate Center at Texas A&M University.
Independence Title State Director of Information Capital Mark Sprague said, “Low inventory levels, high home prices and slowing job growth across the region are preventing a resurgence of the record-breaking numbers experienced the last two years, but overall the region’s housing market remains very strong. The Central Texas housing market is normalizing into a more stable market.”
Sprague added that with interest rate increases and price increases, “Central Texans will not be able to buy a home for as low of a price and as low of an interest rate as they can today.”
Austin-area February 2017 Sold Homes
- Number of sold homes: 1,829 (Up 1% compared to February 2016)
- Median sold price: $287,000 (Up 7% compared to February 2016)
- Days on the market: 61 (Down 4 days compared to February 2016)
Austin-area February 2017 Single-Family Homes on the Market
- New listings: 2,897 (Up 4% compared to February 2016)
- Active listings: 5,077 (Up 9% compared to February 2016)
- Pending sales: 2,361 (Up 3% compared to February 2016)