Austin Home Sales Increase, Central Texas Sales Decrease in October 2016
In a reverse trend of recent months, sales for single family homes within the City of Austin rose in October 2016 and sales declined across the larger Austin-Round Rock Metropolitan Statistical Area, according to the Austin Board of REALTORS®’ October 2016 Central Texas Housing Market Report.
Austin home sales increased 7.5 percent compared to October 2015, to 703 home sales. Median price increased 6.5 percent year-over-year to $332,250, and inventory saw a 0.2 month increase to 2.2 months.
In the Austin-Round Rock MSA, home sales decreased 3.1 percent to 2,219 home sales. Median price increased 9.3 percent compared to October 2015 to $279,000, and inventory was up 0.1 months to a 2.6 month supply.
“Home sales typically slow down in the fall, so it’s encouraging to see a surge of sales within Austin’s city limits last month,” said ABOR President Aaron Farmer. “Much of this growth is being driven by new home sales in the city, which are up nearly 38 percent year to date. Homes within Austin’s city limits continue to be in strong demand, despite having a significantly higher price point than housing stock in surrounding areas.”
Metrostudy’s Austin Regional Director Vaike O’Grady said, “Austin homes command a premium, so you don’t see a lot of lower-priced housing options within the city. Most new single-family homes being offered in the city of Austin are priced at $400,000 or higher.”
Williamson County saw a decline of 12.2 percent in home sales, and Hays County saw an increase of 0.8 percent. The median price in both counties increased: Williamson County median price increased 7.1 percent to $255,000, and Hays County median price increased 17.5 percent to $249,945.
Austin-area October 2016 Sold Homes
- Number of sold homes: 2,219 (Down 3% compared to October 2015)
- Median sold price: $279,000 (Up 9% compared to October 2015)
- Days on the market: 51 (Up 2 days compared to October 2015)
Austin-area October 2016 Single-Family Homes on the Market
- New listings: 2,624 (Down 5% compared to October 2015)
- Active listings: 6,293 (Up 6% compared to October 2015)
- Pending sales: 2,273 (Up 5% compared to October 2015)