Home sales throughout the Austin-Round Rock MSA have increased this May, causing home prices to strengthen. According to the latest report from the Austin Board of REALTORS® (ABoR), home sales and pending sales increased in May. However, new listings and active listings have made a slight dip, which has caused housing inventory to remain relatively flat despite ongoing development.
In the City of Austin, home sales dipped this May. However, the median home price increased to $407,400, which is the highest-ever for the city. The dip in home sales is attributed to a lack of middle-market housing. Homes in that price point are more prevalent in the suburbs and is likely the reason housing sales numbers in those areas continue to strengthen.
“A lack of middle-market housing in the city of Austin is driving demand to the suburbs,” Kevin P. Scanlan, 2019 president of the Austin Board of REALTORS®, said. “While the Central Texas housing market is healthy and thriving, Austin continues to struggle with housing options that are affordable for first-time homebuyers as the median price surpasses $400,000.”
Another side effect of disappearing middle-market Austin housing inventory is the decline in the Austin Independent School District’s projected growth. Reyne Telles, the district’s executive director of communications and community engagement, explained that the school district has been forced to make adjustments.
“As more families move outside the district’s boundaries, we’re taking the appropriate steps to mitigate this trend,” he said. “In order to adapt to this new reality, and work towards increasing our student population, the school district now allows students who reside outside of AISD’s boundaries to transfer into our schools.”
Austin-Round Rock MSA
Home sales are up this May throughout the Austin metro, with sales dollar volume experiencing double-digit growth. Median sales price is also up, but both new listings and active listings dipped slightly.
- Home sales increased 6.2% year over year to 3,452 sales
- Sales dollar volume increased 14.8% to $1,468,980,773 – the highest volume to date
- Median price for single-family homes rose 4.2% to $335,095
- New listings slightly decreased by 1.3% to 4,356 listings
- Active listings decreased 0.6% to 6,781 listings
- Pending sales increased 8% to 3,504 pending sales
- Monthly housing inventory declined 0.1 months year over year to 2.6 months of inventory
City of Austin
Although single-family home sales decreased in May, sales dollar volume increased as a result of rising sales prices. The median sales price for single-family homes rose to its highest-ever. However, housing inventory shows signs of decrease.
- Single-family home sales decreased by 3.4% in May to 1,010 sales
- Sales dollar volume increased by 7.1% to $512,126,547
- Median price for single-family homes rose 5.8% year over year to $407,400
- New listings decreased 3.6% to 1,263 listings
- Active listings decreased 11.3% to 1,349 listings
- Pending sales increased 3.3% to 1,009 pending sales
- Monthly housing inventory decreased 0.2 months year over year to 1.7 months of inventory
Unlike the city of Austin, Travis County home sales increased this May. Sales dollar volume followed suit, along with the median home price. Both new and active listings decreased, which lead to a dip in the monthly housing inventory.
- Single-family home sales increased by 2.9% to 1,682 sales
- Sales dollar volume spiked 16.5% to $884,454,751
- Median single-family home price increased by 8.1% to $400,000
- New listings decreased 4.7% to 2,126 listings
- Active listings decreased 7.3% to 2,977 listings
- Pending sales increased 3.6% to 1,713 pending sales
- Monthly housing inventory dropped 0.2 months to 2.3 months of inventory
Single-family home sales increased this May, while active listings remained flat. Pending sales also experienced a double-digit increase, while housing inventory decreased this year.
- Single-family home sales increased by 8.4% to 1,220 sales
- Sales dollar volume increased 8.3% to $400,430,598
- Median price for a single-family home in May rose year over year by 1.1% to $303,323
- New listings increased 3.2% to 1,508 listings
- Active listings remained flat at 2,335 listings
- Pending sales experienced a double-digit increase of 12.4% to 1,217 pending sales
- Housing inventory decreased 0.1 months to 2.5 months of inventory
Hays County home sales experienced strong growth this May. Sales dollar volume increased in kind. However, the median price for single-family homes remained flat.
- Single-family home sales increased by 10.2% to 412 sales
- Sales dollar volume rose 16.9% to $145,394,941
- Median price for single-family homes barely rose—0.4% to $275,969
- New listings slightly increased by 0.8% to 520 listings
- Active listings increased 6% to 977 listings
- Pending sales jumped 14.9% to 425 pending sales
- Housing inventory increased 0.1 months year over year to 3.2 months of inventory
In May, Bastrop County home sales rise sharply along with sales dollar volume. Median sales price for Bastrop County single-family homes increased accordingly.
- Single-family home sales jumped 18.3% to 110 sales
- Sales dollar volume spiked 44.8% to $32,124,782
- Median price for a single-family home increased by 7.6% to $240,000
- New listings decreased 1.9% to 157 listings
- Active listings increased 40.2% to 384 listings
- Pending sales increased by 11.4% to 117 pending sales
- Housing inventory increased 1.1 months to 4.3 months of inventory
Home sales statistics throughout Caldwell County were up this May. Sales dollar volume jumped nearly 30 percent, while single-family home sales rose over twenty percent. Both new listings and active listings increased this year.
- Single-family home sales rose 21.7% to 28 sales in May
- Sales dollar volume jumped 28.2% to $6,031,200
- Median home price increased 23.2% year over year to $209,500
- New listings increased 2.3% to 45 listings
- Active listings spiked 35% to 108 listings
- Pending sales remained flat at 32 pending sales
- Housing inventory increased 1.3 months to 4.3 months of inventory
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