Another Dip for Monthly Home Sales Volume
In August 2014, Austin-area home sales declined compared to last year for the second consecutive month, but prices continued to rise. According to the Austin Board of REALTORS® Multiple Listing Service (MLS) report, Austin-area home sales decreased four percent year-over-year in August to 2,835 single-family home sales.
Double Digit Rise for Home Prices, Strong Year
However, the median price for single-family homes jumped 11 percent to $247,500, and the average price rose nine percent to $311,414. In addition, single-family homes sold more quickly, spending an average of 42 days on the market, one day fewer than August 2013. The total dollar volume of single-family properties sold also is up, to $882,858,690, four percent more than August 2013.
Monthly housing inventory increased again in August 2014. Active listings rose 10 percent year-over-year to 6,707 homes, and new listings rose four percent to 3,310 homes. This brings the monthly inventory level to 3.0 months, a rise of .2 months from the year prior. While inventory has been increasing steadily, Austin’s market is still considered a sellers’ market. A housing inventory level of 6.5 months is considered balanced, according to the Real Estate Center at Texas A&M University. Pending sales also increased one percent to 2,430.
“An increase in new and active listings is giving the market some much needed breathing room,” said ABOR President Bill Evans, but inventory is still very low. He said first time and first time move-up homebuyers are a significant portion of home sales volume, and that those markets are getting “priced out of an affordable range.”
August 2014 Sold Homes
- Number of sold homes: 2,835 (Down 4% compared to August 2013)
- Average sold price: $311,414 (Up 9 % compared to August 2013)
- Median sold price: $247,500 (Up 11% compared to August 2013)
- Days on the Market: 42 (Down one day compared to August 2013)
Single-Family Homes on the Market
- New listings: 3,310 (Up 4 % compared to August 2013)
- Active listings: 6,707 (Up 10% compared to August 2013)
- Pending sales: 2,430 (Up 1 % compared to August 2013)