After making an unusual decline in June, home sales numbers have rebounded in July to show double-digit gains. The latest real estate statistics from the Austin Board of REALTORS® show that Central Texas home sales have rebounded due to an apparent backlog of pending sales in June. As a result, an increase in closings has bolstered July Austin home sales to well above the previous year. In fact, the Austin Round-Rock Metropolitan Statistical Area (MSA) experienced the highest volume of home sales since July 2011. Additionally, the median home price hit its highest-ever on record for any month.
In July, single-family home sales in the city of Austin experienced a double-digit increase of 13.5 percent year over year to 952 sales. Sales dollar volume increased 19.8 percent to $451,315,853.
David Brodsky, broker/owner of the specialty real estate firm David Brodsky Properties, reiterates his confidence in the Austin real estate market.
“Our continued economic growth and overall appeal of the Austin lifestyle is sustaining the local housing market,” said Brodsky. “As a result, the population continues to grow and sustain housing demand. We haven’t yet seen the combination of factors necessary to indicate a market decline. Although nobody can foretell how the market will perform, we can assess current market trends and surmise that Austin real estate is continuing on a growth trend.”
“One important indicator of market performance that often goes overlooked is the number of pending home sales,” Brodsky explained. “Strong pending sales numbers one month will bolster the number of homes sold the next. So pending sales indicate home purchases that are actively being made while closings take place.”
Austin-Round Rock Metropolitan Statistical Area (MSA) Real Estate Statistics
Austin pending home sales increased for the second month in a row in July. Pending sales across the MSA grew 8.3 percent year over year to 3,201 pending sales in June and 10.8 percent to 3,065 pending sales in July. The trend of strong pending sales numbers shows that Austin real estate statistics may show strong growth in August.
- Active listings for the five-county MSA fell 2.7 percent to 7,522 listings
- New listings decreased 1.2 percent to 3,738 listings in July
- Single-family home sales increased 8.8 percent year over year to 3,103 sales
- Sales dollar volume increased 13.7 percent to $1,254,255,680.
- Median home price increased six percent year over year to a record-breaking $320,000
“Housing construction is at an all-time high in Central Texas, but the pace of new housing stock entering the market can’t justify last month’s jump in sales growth on its own. These gains in home sales activity are being driven by pure demand,” Vaike O’Grady, Austin regional director for Metrostudy, said.
“Home sales are up across the board in the Austin area, but declines in housing inventory are almost just as steep. The city of Austin, in particular, lost almost half a month of inventory from July 2017 to July 2018. That’s a lot of inventory to lose year over year,” Crorey said. “ABoR housing market data underscores not only the ongoing strong housing demand in our region, but the critical need for more housing stock at all price points in and around Austin.”
As housing demand continues to challenge developers to provide housing product throughout the Austin area, buyers are equally challenged as they compete for limited housing inventory. To be able to compete, buyers are in more need of competent, professional representation in order to accomplish their real estate goals. Representation is free for buyers and expert guidance proves invaluable in successfully completing a real estate purchase. As Austin real estate continues to grow, the need for specialized, expert representation remains paramount.
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