Recent statistics from the Austin Board of REALTORS® show that Austin housing sales volume has held steady this July. Regional inventory levels showed strong gains in July, also. In fact, Austin housing inventory has reached its highest levels since fall 2012.
“Austin housing developers have been working to meet the continued demand for housing in the area,” said David Brodsky, Broker/Owner of the boutique Austin real estate brokerage, David Brodsky Properties. “With the number of homes in inventory reaching its highest level in the last 5 years and the resulting increase to more than a 3 month supply of homes, it may be the beginning of supply finally catching up with demand. However, housing levels are still significantly below what’s considered a balanced market.”
Austin Area Housing Statistics for July 2017
Here’s a breakdown of housing statistics across the Austin-Round Rock MSA for July 2017:
- Single-family home sales increased 2.8 percent year-over-year to 2,892 home sales
- Home sales within the city of Austin declined 2.5 percent year-over-year to 832 home sales
- Travis County home sales showed a 1.1 percent decline in home sales volume in July 2017 or 1,368 home sales
- In Hays County, single-family home sales volume jumped 15.3 percent to 376 home sales
- Williamson County home sales increased 2.3 percent to 1,004 home sales
Austin Housing Inventory Increases Across the Region
There were housing level increases across all of the Austin-Round Rock Metropolitan Statistical Area (MSA) this July. Across the region, single-family housing inventory increased 0.4 months to 3.2 months of inventory. Hays County housing inventory levels bumped up 0.3 months to 3.6 months of inventory. Travis County also had an inventory increase of 0.3 months year-over-year to reach 3.2 months of inventory. In Williamson County, housing inventory reached 3.0 months of inventory as a result of a 0.6-month single-family housing increase.
Conversely, housing inventory levels showed little movement year-over-year in the City of Austin in July 2017. Single-family housing increased only 0.1 months to reach 2.5 months of inventory in Austin this July. A combination of scarce land availability, building code restrictions and the desirability of urban housing have kept inventory low in Austin.
The Balancing Act
According to the Real Estate Center at Texas A&M University, the real estate market is considered balanced when single-family housing inventory levels reach 6.0-6.5 months of inventory. Strong housing inventory growth has brought the Austin area housing levels to about half of the numbers that make a balanced market. Based on the statistical growth across the region, it appears that inventory levels will likely become balanced in the Austin suburbs sooner than in the city.
Brandy Guthrie, 2017 President of the Austin Board of REALTORS® stated, “Strong homebuilding activity throughout Central Texas – particularly in Williamson and Hays counties – has been a key driver of housing inventory growth and in starting the region’s housing market on the path towards a balance between supply and demand.”
Austin Housing Prices Continue Steady Growth
In July 2017, the median price for single-family homes continued to rise at a steady pace. In Austin, single-family home prices increased 7.2 percent year-over-year, to $369,900. Across the Austin-Round Rock MSA, median home price increased 5.2 percent over July 2016 to $301,332. Hays County home prices jumped 13.1 percent year-over-year to $270,000. In Travis County, home prices increased 7.4 percent to $359,865. Williamson County median home prices increased 4.4 percent to $274,450.
Active listings showed strong gains this July compared to July 2016. Across the Austin-Round Rock MSA, active listings jumped 16.9 percent year-over-year to 7,965 active listings. Hays County active listings ratcheted up 20 percent. Throughout Travis County, active listings made a 13.3 percent increase. Williamson County active listings increased a whopping 26 percent, while the city of Austin showed a 10.2 percent increase in active listings.
Access Real Estate Market Statistics for Your Neighborhood
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