Austin Home Sales and Prices Up in August 2019
The summer home-selling season may be coming to an end, but the Austin-area market ended the season strong, with an increase of almost six percent in home sales and a two percent increase in median home price in August 2019, according to the Austin Board of REALTORS® Central Texas Housing Market Report.
The Austin-Round Rock Metropolitan Statistical Area experienced a 5.8 percent increase in home sales in August 2019, for a total of 3,189 sales, and median price increased a relatively moderate two percent to $326,500. Sales dollar volume was up 7.8 percent to $1,289,691,264.
Inventory in the Austin-Round Rock MSA tightened further, with a decrease of 0.3 months compared to last year at this time, for a total of 2.7 months of inventory. Six to six and a half months is considered balanced, according to the Real Estate Center at Texas A&M University. While pending sales were up 19 percent, new listings were down 7.1 percent and active listings were down 9.3 percent.
Within the city of Austin, home sales increased 3.3 percent in August, while median price increased 2.7 percent to $400,500. Sales dollar volume was up 7.1 percent to $479,729,986. Homes within the city of Austin followed a similar pattern compared to the region in terms of listings: pending sales were up 15.2 percent, new listings were down 10.3 percent, and active listings were down 19 percent. Inventory reached an incredibly low 1.8 months, following a 0.4-month decrease compared to August 2018.
“While it’s typical to see a decrease in housing inventory and listings at the end of the summer, the continued year-over-year decrease in supply is proof that Austin’s housing stock is critically limited,” said ABOR President Kevin P. Scanlan. The ABOR release stated the “imbalance between supply and demand––which continues to drive up the cost of homes in Austin––will persist beyond this summer’s sales activity.”
In Williamson County, home sales increased 8.3 percent in August 2019, and median price was steady at $295,000. Inventory dropped 0.5 months to 2.5 months. In Hays County, home sales increased 4.7 percent in August 2019, and median price decreased 6.9 percent to $270,000. Inventory was down 0.1 months to 3.4 months.
Austin-area August 2019 Sold Homes
- Number of sold homes: 3,189 (Up 6% compared to August 2018)
- Median sold price: $326,500 (Up 2% compared to August 2018)
- Days on the market: 50 (Down 1 day compared to August 2018)
Austin-area August 2019 Single-Family Homes on the Market
- New listings: 3,457 (Down 7% compared to August 2018)
- Active listings: 7,074 (Down 9% compared to August 2018)
- Pending sales: 3,114 (Up 19% compared to August 2018)