In the month of October the greater metro area saw an increase in home sales and is outperforming the market of a year ago, but in the city of Austin sales dipped. One of the reason for the dipping sales numbers in the city reflect the issue of a constrained market and a limited number of new home construction.
Single-family home sales in the Austin-Round Rock MSA increased 2.2 percent year-over-year to 2,292 home sales in October 2017. During the same time frame, single-family home sales in the city of Austin declined 1.7 percent to 699 home sales. At the county level, home sales volume increased 1.4 percent year-over-year to 1,124 home sales in Travis County, increased 5.4 percent to 794 home sales in Williamson County, and increased 6.2 percent to 274 home sales in Hays County.
Housing inventory levels continued to edge upward across the five-county MSA in October, increasing 0.2 months to 2.8 months of inventory. In the city of Austin, single-family housing inventory increased 0.1 months to 2.3 months of inventory. Housing inventory levels across the region continue to be well within a seller’s market, compared to the Real Estate Center at Texas A&M University’s estimation of 6.0-6.5 months of inventory as a balanced housing market.
Home prices continued to rise at a steady pace in October 2017. The median price for single-family homes increased 4.3 percent to $286,742 across the Austin-Round Rock MSA and increased 9.1 percent to $360,000 in the city of Austin during October.
Info and graphic courtesy of Austin Board of Realtors