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Dated: July 27 2016
Single-family home sales in the five-county Austin-Round Rock MSA rose 6.1 percent year-over-year to 14,482 home sales in the first half of 2016, while median price rose seven percent year-over-year to $282,000. Home listings also experienced gains in the first half of the year, with active listings increasing 6.6 percent to 5,290 listings, new listings rising 5.7 percent to 20,060 listings, and pending sales rising 7.2 percent to 15,909 sales.
Rising home sales and home prices means a greater impact on the region’s economy as well. Sales dollar volume in the Austin-Round Rock area was $5,073,874,678, an 11.5 percent increase from the first six months of 2015.
Single-family housing market activity continued to be strong in June 2016, with home sales jumping to 3,219 sales, an 8.5 percent increase compared to June 2015. Median price rose 8.2 percent to $295,500 during the same time frame. Monthly housing inventory remained unchanged at 2.5 months, which is less than half of the Real Estate Center at Texas A&M University’s benchmark of 6.5 months as a balanced housing market.
City of Austin
Despite ongoing housing affordability challenges, single-family home sales in the City of Austin increased 3.4 percent to 4,465 home sales in the first half of 2016. Of the 21,036 single-family homes sold in the 18-county Central Texas region in the first half of 2016, approximately only one in five (21 percent) were sold within the Austin city limits. Median price increased 5.6 percent to $339,652 in the first half of the year, while active listings jumped 20.1 percent to 1,298 listings during the same time frame.
In June 2016, Austin home sales increased 2.6 percent to 975 home sales, while median price increased only 2.9 percent to $350,000. Monthly housing inventory increased 0.3 months to 2.1 months, while homes spent a little more than one month (32 days) on the market on average, an increase of two days from June 2015.
“The Central Texas housing market is performing very well, but extreme housing shortages across the region continue to be a challenge,” said Jim Gaines, Chief Economist at the Real Estate Center at Texas A&M University. “Homes under $300,000 have less than two months of inventory in the Austin-Round Rock MSA, which means that housing at these price ranges is essentially nonexistent. The growing “donut effect” of homes sales activity as homebuyers move outside Austin city limits in search of more affordable housing is on pace to continue in the near future."
In the first half of 2016, Travis County single-family home sales increased 4.9 percent year-over-year to 7,203 home sales–nearly half of all single-family homes sold in the five-county MSA during the same time frame. In the meantime, median price increased 7.8 percent year-over-year to $330,000. In June 2016, single-family home sales increased 5.2 percent to 1,567 home sales, median price rose 10 percent to $357,500. However, monthly housing inventory stayed steady at 2.6 months.
Williamson County single-family home sales jumped 11.9 percent year-over-year to 1,140 home sales in June 2016, while median price rose 8.7 percent to $269,500 during the same time frame. Housing inventory dropped 0.2 months to 2.1 months of inventory in June 2016, making the housing shortage in Williamson County equally as critical as in the City of Austin.
In the first half of 2016, single-family home sales jumped 7.2 percent to 4,966 home sales, while median price rose 6.3 percent to $260,000. More homes were sold in Williamson County in the first half of the year than in the City of Austin (4,465 home sales year to date), despite having a population half the size of the City of Austin’s.
*Information taken from ABOR.com.
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