Home Sales Surge in Austin!

Home sales in Austin and the Central Texas region continue to surge! The November 2016 report from The Austin Board of Realtors showed extraordinary double-digit growth in home sales! Not only have home sales surged in and around the Austin area, but home prices have risen as well. Austin showed a 13.7% growth in single-family home sales year-over-year and a growth of 4% in the median price, now up to $342,000. Austin-Round Rock showed a 15.8% growth in single-family home sales year-over-year and a growth of 7% in the median price, now up to $294,245. As mentioned, the Central Texas region is growing, with home sales in Hays County surging to $24.2%, Travis County surging to 11.3% and Williamson County surging to 14.7%. Williamson County also experienced a 12.1% annual increase in the median price, bumping that number up to $275,000. The housing inventory levels have remained flat throughout the Central Texas region. The housing inventory levels remained flat in Austin-Round Rock at 2.3 months, while the housing inventory in the City of Austin crept up to 0.1 months year-over-year to 1.9 months. Aaron Farmer, 2016 President of the Austin Board of REALTORS­® said, “This end-of-year surge in home sales is an unusual and welcome surprise to what’s typically the lowest months for Central Texas home sales volume during the year. Home sales throughout 2016 continue to be fueled by our region’s steady population growth. At the current pace, 2016 will likely turn out to be another record year for Central Texas home sales.” “Housing inventory will continue to be one of the biggest challenges facing the Central Texas housing market in 2017,” added Farmer. “In some local markets such as Round Rock, inventory levels have fallen below 1.0 months, which means that available housing stock is practically non-existent. It’s critical that our cities’ leaders begin to look at housing affordability not as just an Austin issue, but an issue affecting our entire region.”

 

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