August Saw More Home Sales, but Smaller Selection in Austin
As families sent kids back to school and the summer selling season cooled off, home sales in Austin remained strong, though fewer homes were listed for sale in August, according to the Austin Board of Realtors.
“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 Board of Realtors president Kevin Scanlan. “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.”
Other experts, including Nora Linares-Moeller, executive director of the nonprofit HousingWorks Austin, agree that a broader variety of housing options will help address the city’s housing affordability crisis. “Austin needs more duplexes and multiplexes to provide more affordable options at different price points,” she said, and added that her organization is working to do just that.
In the Austin metro area, the median home price increased by 2 percent to $326,500. Home sales increased year over year by 5.8 percent to 3,189 sales; sales dollar volume increased 7.8 percent to $1,289,691,264. During the same period, new listings decreased 7.1 percent to 3,457 new listings, while active listings decreased 9.3 percent to 7,074 listings. Pending sales jumped 19 percent to 3,114 pending sales. Housing inventory in August declined .3 months year over year to 2.7 months of inventory.
Within Austin proper, the median home price in August increased year over year by 2.7 percent to $400,500, while single-family home sales increased by 3.3% to 936 sales. Inventory dropped by 0.4 months to 1.8 months of inventory.
North of Austin, Williamson County saw single-family homes sales increase by 8.3 percent, to 1,137 sales. The median price for a single family home remained constant year over year at $295,000. New listings decreased 13.6 percent to 1,188 listings, which pending sales saw a significant increase of 22.2% to 1,128 pending sales.
In Hays County, home sales increased by 4.7 percent to 376 in August, while the median price for a single-family home in this area decreased year over year by 6.9 percent to $270,000. New listings increased in August by 6.7 percent to 431.
Here are additional Austin metro area home sales figures from August 2019.
Median Price for Single-Family Homes in the Austin Area — $326,500.
Single-Family Homes Sold in the Austin Area — 3,189
Average Number of Days on the Market — 50
Total Dollar Volume of Homes Sold in the Area — $1.3 billion
Months of Housing Inventory Available — 2.7
New Listings — 3,457
Active Listings — 7,074
Pending Sales — 3,114