Home sales declined in the city of Austin but increased across the Austin-Round Rock Metropolitan Statistical Area (MSA) for the second month in a row in November 2017. Although the market is seeing a slight decrease in sales compared to the historic 2016 market, Austin continues to be one the strongest real estate markets in the nation with nearly 100 people a day moving to the region. With the increase of new homes coming online throughout Travis, Williamson and Hays Counties the market should show more signs of stabilization as we head into 2018.
Home sales in the city of Austin declined 3.3 percent to 653 home sales in November. During the same time frame, single-family home sales in the Austin-Round Rock MSA increased 3.7 percent year-over-year to 2,196 home sales. At the county level, single-family home sales volume jumped 10.2 percent in Williamson County to 778 home sales and Hays County jumped 14.3 percent to 280 home sales. Due to the decline in home sales volume within the city of Austin, single-family homes sales volume declined 1.3 percent year-over-year in Travis County to 1,032 home sales.
The pace of home price growth continued to slow in November. In the Austin-Round Rock MSA, the median price for single-family homes increased 2.9 percent year-over-year to $296,500. In Williamson County, the median price for single-family homes was unchanged from November 2016, or $275,000. In Hays County, median price increased 4.0 percent to $260,000 and in Travis County, median price increased 6.1 percent to $341,000. In the city of Austin, the median price for single-family homes increased 6.8 percent year-over-year to $360,000.
Housing inventory increased 0.2 months to 2.5 months of inventory across the Austin-Round Rock MSA and 0.1 months to 2.0 months of inventory in the city of Austin in November. At a county level, housing inventory was 2.9 months in Hays County, 2.5 months in Travis County and 2.4 months in Williamson County.
Both pending sales and active listings figures throughout the Austin-Round Rock MSA indicate that single-family home sales growth could continue through the end of 2017. In November, active listings for the five-county MSA increased 13.7 percent to 6,391 listings and pending sales jumped 14.9 percent to 2,340 sales.
Info and graphics courtesy of The Austin Board of REALTORS® (ABoR)