Great Austin-area home sales break July records while city sales remain flat
Home sales in the Austin area set an all-time high for July, as sales increased 11.7% to 3,439, according to the Austin Board of Realtors. Sales in Austin proper, however, remained flat due to limited housing inventory, according to the group.
“Regional single-family home sales posted strong gains this July, indicating the summer selling season is likely to remain active and steady throughout August,” said Kevin Scanlan, Austin Board of Realtors president. “It’s a sellers’ market right now. Even though we saw an increase in new listings, inventory remains low. Homes located inside city limits are spending less than one month on the market, on average.”
Jim Gaines, chief economist at the Real Estate Center at Texas A&M University, said despite stagnant sales in Austin, the overall market “is still very strong.” “Due to the lack of affordable options and tight inventory in the city of Austin, home sales are declining within the city limits but increasing in the surrounding areas,” he said. “The good news is, we’re seeing home prices begin to stabilize.”
In the Austin metro area, single-family home sales in July experienced a 11.7% increase year over year to 3,439 home sales; sales dollar volume also had a double-digit increase of 15.4% to $1,407,009,110. The median price for single family homes rose slightly by 3.2% to $325,000. During the same period, new listings increased 4% to 3,841 listings, while active listings decreased 3.5% to 7,197 listings. Pending sales jumped 17.4% to 3,385 pending sales.
In the city of Austin, single-family home sales remained stagnant in July at 943 sales. However, sales dollar volume increased by 4.9% to $463,693,858. The median price for single-family homes rose 6.9% year over year to $410,000. During the same period, new listings remained flat at 1,080 listings; active listings decreased 14.7% to 1,435 listings; but pending sales jumped 10.2% to 948 pending sales.
North of Austin in Williamson County, single-family home sales volume increased 15.4% to 1,205 sales and sales dollar volume jumped 19.8% to $387,644,203. The median price for a single family home in July slightly increased year over year by 3.8% to $292,000. During the same period, new listings increased 10.7% to 1,330 listings. Active listings decreased by 1.7% to 2,457 listings. At the same time, pending sales experienced a double-digit increase of 20.1% to 1,206 pending sales.
In Hays County, single-family home sales jumped 22.4% to 431 sales in July and sales dollar volume rose 30.5% to $147,876,666. During the same period, the median price for single-family homes inched up slightly—1.5% to $265,000. New listings decreased 0.9% to 462 listings, but active listings increased 3.8% to 1,068 listings. Pending sales increased 11.8% to 388 pending sales.
Here are additional Austin metro area home sales figures from July 2019.
Median Price for Single-Family Homes in the Austin Area — $325,000.
Single-Family Homes Sold in the Austin Area — 3,439
Average Number of Days on the Market — 47
Total Dollar Volume of Homes Sold in the Area — $1.4 billion
Months of Housing Inventory Available — 2.7
New Listings — 3,841
Active Listings — 7,197
Pending Sales — 3,385