Central Texas Home Sales Increase in First Half of 2019; Decrease in Austin
AUSTIN, TX – Single-family home sales experienced strong gains in the Austin-Round Rock Metropolitan Statistical Area (MSA) but declined in the city of Austin in the first half of this year, according to the June and Midyear 2019 Central Texas Housing Market Report released today by the Austin Board of REALTORS®.
"We have seen slight dips in Austin's home sales before, but because this decrease is over the course of six months, it could be indicative of a larger trend," Kevin P. Scanlan, 2019 president of the Austin Board of REALTORS®, said. "Austin's limited housing inventory—which dropped below two months in June—and increasing home prices have resulted in fewer sales over time. As Austin continues to be one of the most desired cities to live in the United States, the suburbs are benefiting from this demand."
While the market continues to grow due to strong demand, Austin's limited housing inventory and increasing prices are pushing people further into the suburbs, Scanlan added.
People are moving to Austin in greater numbers than those leaving, “which has been true for a very long time and will continue to be for the foreseeable future,” Mark Sprague, state director of information capital for Independence Title, said. “The good news is resales are well in line with where values should be. And, developers are putting more dense communities on the outer rim of the city, a trend which should lead to more affordable pricing comparatively.”