Austin Real Estate Market Report August 2018
For the first time in five years, Austin home sales in June showed a year-over-year decrease in home sales.
It was a small decrease that follows years of big gains. Still, the 2.7 percent year-over-year decline in sales in June made headlines mostly because they represent a change from the month-after-month increases the metro area has become accustomed to in recent years.
The Austin Board of Realtors latest figures from June showed 3,299 homes sold. The median price of $326,250 marked a 4.9 percent increase over the median price a year ago in June. The decline was more pronounced within Austin’s city limits where home prices are higher. Sales decreased by 4.5 percent in June. Median prices in the city, meanwhile, fell by 0.4 percent to $388,000.
But that follows six months of strong gains. Single-family home sales climbed 3.7 percent year-over-year during the first half of the year to 15,364. And median home prices grew 4.3 percent year-over-year to $313,000.
“Despite a decline in home sales volume across Central Texas in June, 2018 is on track to be another record-setting year for the region’s housing market,” said Steve Crorey, 2018 president of the Austin Board of Realtors. “Consecutive years of record-breaking sales activity have set the bar incredibly high, and it’s important to remember that we’re comparing June 2018 figures to that strong activity. The Central Texas housing market remains strong and continues to move at a demanding pace.”
Looked at from a different perspective, the average sales price of a home in Austin has increased from $353,919 in 2016 to $372,492 in 2017 to $381,681 in the most recent 12 months. Meanwhile, the number of homes sold climbed from 29,805 in 2016 to 30,904 in the past 12 months.
The average number of days homes are on the market, however, has been increasing. In 2016, homes averaged 50 days on the market. In 2017, it was 54. In the past 12 months, 56 is the average.
Still, the Austin area market has been on a remarkable, long-term run fueled by job growth.
“The Central Texas housing market is among the top three in the country. The region’s population growth, particularly along the I-35 corridor, is fueled by diversified economic opportunities that bring jobs, new businesses, and resources across multiple industries,” said Jim Gaines, chief economist at the Real Estate Center at Texas A&M University. “Strong population growth and home sales activity are expected to continue in the Central Texas region for the rest of the year and into 2019.”
Here are additional Austin metro area home sales figures from June 2018.
Median Price for Single-Family Homes in the Austin Area — $326,250
Single-Family Homes Sold in the Austin Area — 3,299
Average Number of Days on the Market — 44
Total Dollar Volume of Homes Sold in the Area — $1.4 billion
Months of Housing Inventory Available — 2.9
New Listings — 4,138
Active Listings — 7,378
Pending Sales — 3,201