Austin-area Real Estate Breaks Summer Selling Season Records
The Central Texas summer season was the hottest it has ever been – in real estate, that is. The Austin-Round Rock Metropolitan Statistical Area reached its highest level of single-family home sales and the highest median price during the period of May 2017 to August 2017, according to the Austin Board of REALTORS® August 2017 Central Texas Housing Market Report.
“The Central Texas housing market just experienced the strongest summer selling season on record,” said ABOR President Brandy Guthrie. “The Austin-Round Rock MSA saw record breaking growth, during which median price topped $300,000 and home sales volume topped $1 billion four consecutive months in a row.”
The record breaking season was helped by a strong August 2017. Within the Austin-Round Rock MSA, home sales volume increased one percent year-over-year to 2,994 home sales, and the median price increased four percent to $300,000. Inventory area-wide increased 0.4 months to 3.1 months of inventory. The total single-family home sales dollar volume for August was $1,128,565,155, making it the fourth month in 2017 when dollar volume topped $1 billion.
For the city of Austin, home sales increased 6.1 percent year-over-year to 927 home sales, and median price rose 2.7 percent to $361,000. Inventory increased 0.1 months to 2.4 months of inventory.
The Real Estate Center at Texas A&M University Chief Economist Dr. Jim Gaines said, “The Austin-Round Rock MSA looks like it is moving toward a more normalized housing market. Similar to what we’re seeing across the state, housing inventory levels are slowly increasing, despite continued increases in sales volume and median price.” He said in the second half of 2017, there could be “some slowing of the home price increases that have become common in recent years – not price decreases – as the relationship between home buying and selling activity begins to balance out.”
Noting a Central Texas population growing at record levels, Guthrie said, “While we’re currently seeing positive upticks in housing inventory across our region, housing prices will continue to rise with demand.”
Austin-area August 2017 Sold Homes
- Number of sold homes: 2,994 (Up 1% compared to August 2016)
- Median sold price: $300,000 (Up 4% compared to August 2016)
- Days on the market: 46 (Up 2 days compared to August 2016)
Austin-area August 2017 Single-Family Homes on the Market
- New listings: 3,316 (Up 8.2% compared to August 2016)
- Active listings: 7,781 (Up 16.1% compared to August 2016)
- Pending sales: 2,710 (Up 8.1% compared to August 2016)