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AUSTIN, TX–The Austin Board of REALTORS® (ABoR) first market analysis of the year shows steady increases in single-family home sales despite limited inventory, signaling a strong housing market for 2018, according to the January 2018 Central Texas Housing Market data report. The solid single-family home sales growth is constant throughout the Austin-Round Rock Metropolitan Statistical Area (MSA) as is the inventory crunch.
In the Austin-Round Rock MSA, the median price of single-family homes increased by 3.6 percent year-over-year in January 2018 to $290,000. Home sales increased by 8.5 percent to 1,655 sales, citing continual demand. Housing inventory of single-family homes in the Austin-Round Rock MSA stayed at 1.9 months of inventory, the same as last January. These inventory levels remain well below the 6.0-6.5 months of inventory that the Real Estate Center at Texas A&M University projects for a balanced housing market.
“In 2018, Central Texas’ housing market will continue to see an increase in both sales and price, despite inventory levels remaining low,” Jim Gaines, chief economist, Real Estate Center at Texas A&M University, said. “The housing demand and lack of inventory is so great, that if supply does not increase, we could see a upwards of 5 percent growth in median home prices within the Austin-Round Rock MSA. Inventory will be a determining factor in the direction of this year’s market.”
Source: Austin Board of REALTORS®