Drive around town and you’re bound to see hundreds of front yard signs advertising homes for sale. It’s nothing new for Austin, which has one of the nation’s hottest residential real estate markets.
But what is new is that with the quick climb in housing prices, Austin’s home sales crested the $1 billion in monthly sales mark, according to the latest report by the Austin Board of Realtors.
“June’s increased home sales, combined with total dollar volume exceeding $1 billion for the first time ever, shows the amazing equity Austin homeowners have in the market and the powerful impact of real estate in Central Texas,” said Barb Cooper, 2015 President of the Austin Board of Realtors. “However, this increase heightens the need to replenish and expand housing stock to help achieve sustainable growth.”
Overall, 3,051 home sales were logged in June. That’s a 5 percent increase compared to June of 2014. Meanwhile, the median price for a single-family home climbed 8 percent compared to last June. That brings the median price to $272,250. The average price reached $333,866. Those figures include all home sales in the Austin-area, including highly active markets in Cedar Park, Round Rock and Dripping Springs.
Overall, less than a third of the homes sold in the area were priced below the $200,000 mark.
Halfway through 2015, the Austin area is on track for a record year. Home sales have increased an average of 4 percent to 13,917. That means the area could exceed its historical high sales volume set last year.
“If this growth continues, 2015 could become another historical year for Austin-area home sales. Both homebuyers and sellers can expect a strong, competitive market for the rest of the summer selling season,” Cooper said.
And prices are still climbing.
The first half of 2015 saw median prices increase 10 percent and the average price climb by 8 percent. During that time span, homes spent 50 days on the market, on average.
Listings remain hot, increasing 4 percent compared to last year.
“While growth shows positive momentum for our city, ABoR supports solutions that serve the entire community, accommodate new populations and help residents find the homes they want. To help achieve these goals, ABoR and Austin REALTORS® recently met with members of the Austin City Council and Mayor Adler to discuss big picture issues affecting Central Texas residents and with a strong focus on sustainable and managed growth,” Cooper said. “We’re pleased to see the steps city leaders are taking toward a more affordable Austin.”
For several years, Austin has been grappling with how to manage its rapid growth and quickly increasing home prices. Those increasing prices reflect the powerful Central Texas economy, but they are also putting increased pressure on long-time homeowners, college students and low-income families whose wages aren’t keeping pace with rising values.
Where We’re At Half-Way Through 2015
2015 Mid-Year Statistics
- 13,917 – Single-family homes sold, four percent more than the first half of 2014.
- $263,000 – Median price for single-family homes, 10 percent more than the first half of 2014.
- $331,765 – Average price for single-family homes, eight percent more than the first half of 2014.
- 50 – Average number of days single-family homes spent on the market, three days more than the first half of 2014.
- 19,865 – New single-family home listings on the market, three percent more than the first half of 2014.
- 5,727 – Active single-family home listings on the market, eight percent more than the first half of 2014.
- 15,984 – Pending sales for single-family homes, five percent more than the first half of 2014.
- $4,617,178,959 – Total dollar volume of single-family properties sold, 12 percent more than the first half of 2014.