Austin Home Sales Shatter October Records
City's current growth rate has REALTORS® concerned.
AUSTIN, TX – Home sales in Austin experienced a double-digit percent increase in October—creating a new record even as the inventory of single-family homes in Austin dropped to an all-time October low—according to the latest monthly report from the Austin Board of REALTORS® (ABoR).
The Central Texas Housing Market Report, which underscores the need for more diverse housing options in the city, was released just days after officials reviewed the latest draft of a revised land development code. The October report for Austin reflects a 14.5% increase year over year to 835 home sales, marking more homes sold than any October on record.
"Austin can no longer sustain its current rate of growth. With an average of 100 people moving here every day, the demand for housing is growing much faster than the number of homes available," Kevin P. Scanlan, 2019 ABoR president, said. "Homes are hardest to find in the urban core where people can live closer to work and transit. Therefore, we need to plan more efficiently—not just in Austin's urban core but in transit corridors and activity centers as well."
Imagine Austin, a 30-year comprehensive plan for the city’s growth, was adopted in 2012. But since then, the median price of a detached single-family home in the city’s urban core increased 67%—from $301,900 to $505,000. Emily Chenevert, chief executive officer of ABoR, said that finding the right land development code for the city is key to solving Austin's affordability crisis and ensuring sustainable growth for our region.
“In just the few years since Imagine Austin was passed, our community has already changed drastically,” she said. “We’ve lost precious time trying to find the perfect land development code solution, while home prices continue to rise and traffic continues to worsen. What we need right now is progress, through a working code that protects private property owner rights and ensures our region’s future growth is sustainable.”
According to the October housing market report, home sales are growing not just in the city of Austin, but across the region.