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AUSTIN, TX– Central Texas REALTORS® sold more homes than any February on record last month, indicating the spring selling season may have started early this year. According to the Austin Board of REALTORS® February 2019 Central Texas Housing Market report, sales increased by 6 percent from February 2018 to February 2019 to 2,101 sales. This increase was matched with both a rise in active listings and housing inventory, signs that the Austin Metro housing market this year continues to move toward greater balance.
“We’ve been hearing from our members that buying and selling activity has really picked up over the past month,” Kevin P. Scanlan, president of Austin Board of REALTORS®, said. “We’re seeing a lot of development in North Austin, as major tech employers are looking for space with ample room for housing development and access to major transportation arterials. Mobility has become such a problem that employees want to live closer to where they work, if they can afford to move.”
Austin-Round Rock MSA
In the Austin-Round Rock MSA, the median home price decreased by 0.3 percent from $296,000 in February 2018 to $295,000 in February 2019.
“While demand remains strong due to population growth, this is no longer a market where homes sell significantly above listing price. Housing affordability challenges might be limiting what consumers are able to pay for a home,” Scanlan said.
Last month, sales dollar volume within the five-county MSA increased year over year by 4.8 percent to $773,977,296. During the same period, new listings rose 7.3 percent to 3,015 listings; active listings increased 18.9 percent to 5,858 listings; and pending sales increased 16.6 percent to 2,715 pending sales. Monthly housing inventory increased by 0.3 months to 2.3 months of inventory.
“Austin has 150,000 employees in the technology industry and that number is only going to increase as major employers expand their presence in Austin,” Angelos Angelou, founder and principal executive officer of Angelou Economics, said. “We have to be aggressive in how we address this growth and ensure Austin doesn’t become unaffordable for our workforce.”
Source: Austin Board of REALTORS® (ABoR)