In the latest Austin real estate report from the Austin Board of REALTORS® (ABoR), July home sales reached an all-time high for any July on record. Home sales in the City of Austin didn’t fare so well, though. A continuing lack of inventory in the city is keeping City of Austin home sales suppressed while sales increase in the suburbs where inventory is growing. Market experts say that the strong July sales numbers throughout the region are a good sign that August home sales will remain strong.
“Regional single-family home sales posted strong gains this July, indicating the summer selling season is likely to remain active and steady throughout August,” Kevin P. Scanlan, 2019 president of the Austin Board of REALTORS®, said. “It’s a sellers’ market right now. Even though we saw an increase in new listings, inventory remains low. Homes located inside city limits are spending less than one month on the market, on average.”
Although home sales jumped this July, the median price of Austin area homes made a modest increase. A slight year-over-year increase in the median price for a single-family home in the Austin area indicates that housing price growth is stabilizing. Stabilizing home price numbers is a good indicator that the local housing market is still within a feasible price range for most buyers.
Jim Gaines, the chief economist at the Real Estate Center at Texas A&M University, explained the situation in the ABoR report. “Due to the lack of affordable options and tight inventory in the city of Austin, home sales are declining within the city limits but increasing in the surrounding areas,” he said. “The good news is, we’re seeing home prices begin to stabilize,” he said.
Austin-Round Rock MSA
Single-family home sales In the Austin-Round Rock MSA experienced a double-digit increase this July to reach 3,439 home sales. Sales dollar volume made similar gains to the number of home sales, making a double-digit increase in July. Pending sales jumped more than 17%, which points to a strong foundation for August home sales.
- Single-family home sales increased 11.7% year over year to 3,439 home sales
- Sales dollar volume also had a double-digit increase of 15.4% to $1,407,009,110
- The median price for single-family homes increased by 3.2% to $325,000.
- New listings increased 4% to 3,841 listings
- Active listings decreased 3.5% to 7,197 listings
- Pending sales jumped 17.4% to 3,385 pending sales
- Monthly housing inventory declined 0.2 months year over year to 2.7 months of inventory
City of Austin
Although the number of single-family home sales remained stagnant this July, sales dollar volume increased by 4.9%. Sales price growth made a stable annual increase. New listings are flat this July and active listings decreased nearly 15%. Monthly housing inventory is down, which is bad news for an area with continually high housing demand.
- Single-family home sales remained stagnant this July at 943 sales in the city of Austin
- Sales dollar volume increased by 4.9% to $463,693,858
- The median price for single-family homes rose 6.9% year over year to $410,000
- New listings remained flat at 1,080 listings
- Active listings decreased 14.7% to 1,435 listings
- Pending sales jumped 10.2% to 948 pending sales
- Monthly housing inventory decreased 0.2 months year over year to 1.9 months of inventory
Homes sales were up just under 5% in Travis County this July. However, the sales dollar volume jumped at the same time. New Travis County listings are up just slightly in July, while housing inventory made a slight decrease.
- Single-family home sales increased by 4.6% to 1,641 sales
- Sales dollar volume experienced a double-digit increase of 10% to $827,166,382
- The median price increased by 5.8% to $390,500
- New listings increased 1.7% to 1,857 listings
- Active listings decreased 9.3% to 3,169 listings
- Pending sales spiked 15.8% to 1,626 pending sales
- Monthly housing inventory dropped 0.2 months to 2.5 months of inventory
Housing statistics in Williamson County continue to make strong gains. Single-family home sales jumped more than 15% in July. Home sales prices made modest gains. New listings increased more than 10%, which indicates stable housing growth for the area.
- Single-family home sales volume increased by 15.4% to 1,205 sales
- Sales dollar volume jumped 19.8% to $387,644,203
- The median price for a single-family home slightly increased year over year by 3.8% to $292,000
- New listings increased 10.7% to 1,330 listings
- Active listings decreased by 1.7% to 2,457 listings
- Pending sales experienced a double-digit increase of 20.1% to 1,206 pending sales
- Housing inventory decreased 0.2 months to 2.6 months of inventory
Hays County home sales made a big jump this July, with the number of homes sold increasing more than 20%. Sales dollar made similarly stellar gains. However, new listings are down slightly, indicating that developers may be having a hard time keeping up with demand in the area. Pending sales are also up, which should help bolster August home sales numbers.
- Single-family home sales jumped 22.4% to 431 sales in July
- Sales dollar volume rose 30.5% to $147,876,666
- The median price for single-family homes inched up slightly by 1.5% to $265,000
- New listings decreased 0.9% to 462 listings
- Active listings increased 3.8% to 1,068 listings
- Pending sales increased by 11.8% to 388 pending sales
- Housing inventory decreased 0.1 months year over year to 3.4 months of inventory
July home sales in Bastrop County made huge gains this year. Home sales skyrocketed over 40% while sales dollar volume shot up nearly 40%. Median home price for a Bastrop single-family home increased more than 10% and housing inventory made a slight increase.
Single-family home sales spiked 41.1% to 127 sales
Sales dollar volume jumped 38.6% to $35,286,487
The median price for a single-family home increased 11.3% to $256,868
New listings increased 1.3% to 155 listings
Active listings increased 18.2% to 397 listings
Pending sales rose 27.3% to 126 pending sales
Housing inventory increased 0.3 months to 4.3 months of inventory
Home sales in Caldwell County made the strongest gains of any county in the Austin-Round Rock MSA this July. Single-family home sales in the area exploded more than 50% this July. Median home price for Caldwell County homes increased more than 18% and pending sales also increased. However, new listings decreased nearly 20%.
- Single-family home sales in July spiked 52.2% to 35 sales
- Sales dollar volume jumped 61% to $8,922,843
- Median home price increased 18.8% year over year to $193,590
- New listings decreased 19.6% to 37 listings
- Active listings increased 5% to 106 listings
- Pending sales rose 34.5% to 39 pending sales
- Housing inventory remained unchanged at 4.1 months of inventory
Read more about Austin home sales.