Increasing Sales and Decreasing Home Stock Leave Few Choices for Austin Residents
As the summer-selling season came to an end, August Austin-area home sales continued to increase, while listings on the market decreased compared to the same month last year. The Austin Board of REALTORS® latest Central Texas Housing Market Report indicates 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.
"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," Kevin P. Scanlan, 2019 president of the Austin Board of REALTORS®, said. "We’re encouraged by the City Council's stated commitment to creating more housing capacity. Increasing the supply and variety of housing is the only way to ensure a more balanced market.
Nora Linares-Moeller, executive director of the nonprofit HousingWorks Austin, said a broader variety of housing options is key to addressing the city’s affordability crisis. Her organization aims to increase Austin’s supply of affordable housing.
“Austin needs more duplexes and multiplexes to provide more affordable options at different price points,” she said.
Austin-Round Rock MSA
In the Austin-Round Rock MSA, single-family home sales in August increased 5.8% to 3,189 home sales, and sales dollar volume increased 7.8% to $1,289,691,264. The median price for single-family homes slightly increased by 2% to $326,500. During the same period, new listings decreased 7.1% to 3,457 listings; active listings decreased 9.3% to 7,074 listings; but pending sales jumped 19% to 3,114 pending sales. Monthly housing inventory declined 0.3 months year over year to 2.7 months of inventory.
City of Austin
Single-family home sales increased 3.3% this August to 936 sales in the city of Austin. During the same period, sales dollar volume increased 7.1% to $479,729,986, and the median price for single-family homes rose 2.7% year over year to $400,500. New listings decreased 10.3% to 947 listings; active listings dropped 19% to 1,418 listings; but pending sales jumped 15.2% to 894 pending sales. Monthly housing inventory decreased 0.4 months year over year to 1.8 months of inventory.
In Travis County, August home sales increased by 4.3% to 1,526 sales, and sales dollar volume increased 5.9% to $741,835,279. The median price for a single-family home increased 2.4% to $380,000. During the same period, new listings decreased 4.5% to 1,677 listings; active listings decreased 11.1% to 3,162 listings; and pending sales spiked 16.1% to 1,475 pending sales. Monthly housing inventory dropped 0.4 months to 2.4 months of inventory.
Source: Austin Board of Realtors