Highest-grossing August on Record for Central Texas Home Sales Volume
The Central Texas residential real estate market ended the summer selling season with a boom in August 2018, with the month being the highest grossing on record for home sales volume, according to the Austin Board of REALTORS® Central Texas Housing Market Report. Home sales volume in the Austin Metropolitan Statistical Area increased 10.5 percent to reach over $1.2 billion.
“Last month’s housing market activity shows little evidence that the market is slowing as we move into the fall,” said ABOR President Steve Crorey. “More homes are entering the market and pending sales growth remains strong year over year. At the same time, the gains in housing stock have yet to impact housing inventory levels. After a year of modest inventory gains in 2017, housing inventory growth has been flat or has declined in many local markets throughout this year. This is particularly evident in the Austin city limits, where housing demand is strongest.”
ABOR attributed the record-breaking growth in part to home prices, as median price increased 8.2 percent in August 2018 to $322,478 for the Central Texas region. Total number of sales also broke a record, increasing 3.7 percent to 3,034 sales.
Independence Title State Director of Information Capital Mark Sprague said, “So far, 2018 has shown the highest number of sales ever for the Greater Austin area and we’re on track to set another annual home sales record this year.” He said even potential increases in interest rates for home mortgages are not expected to slow sales. “Because median household income has increased nationally and locally, rising interest rates are not expected to negatively impact home sales.”
Within the city of Austin, sales dollar volume increased 11 percent in August 2018, while home sales were flat. Median price increased 9.2 percent to $393,000. New listings were up 10.5 percent, active listings were down 8.2 percent, and pending sales were up 8.7 percent. Inventory decreased by 0.2 months to a 2.2 month supply.
In Williamson County, median price increased 7.2 percent in August 2018 to $294,612. In Hays County, median price increased 13.3 percent to $294,659.
Austin-area August 2018 Sold Homes
- Number of sold homes: 3,034 (Up 4% compared to August 2017)
- Median sold price: $322,478 (Up 8% compared to August 2017)
- Days on the market: 50 (Up 3 days compared to August 2017)
Austin-area August 2018 Single-Family Homes on the Market
- New listings: 3,741 (Up 16% compared to August 2017)
- Active listings: 7,887 (Up 4% compared to August 2017)
- Pending sales: 2,798 (Up 12% compared to August 2017)