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AUSTIN, TX–As single-family home sales continue to rise, another record-breaking year is expected for the Austin-area housing market, according to the latest monthly report from the Austin Board of REALTORS®. The November 2018 Central Texas Housing Market Report released today suggests another strong showing for the region.
“Sales are up 3.3 percent year-to-date for 2018,” Steve Crorey, president of the Austin Board of REALTORS®, said. “Pending sales volume in December, the Central Texas housing market is on track to have one of the highest-grossing years on record.”
Austin-Round Rock MSA
In the Austin-Round Rock Metropolitan Statistical Area (MSA), sales volume slightly increased 0.7 percent year over year from 2,185 sales in November 2017 to 2,201 sales last month. Sales dollar volume increased 5.6 percent year over year to $839,317,911, while the median home price increased 2.2 percent year over year to $301,391.
New listings for the five-county MSA increased 1.7 percent year over year to 2,380 listings in November. During the same period, active listings increased 11.5 percent to 6,907 listings and pending sales increased 2.5 percent to 2,217 pending sales. Monthly housing inventory increased by 0.2 months to 2.7 months of inventory.
“Families and young professionals continue to move to the suburbs where there are more opportunities for home ownership at a more reasonable price point than in the city of Austin,” Crorey said. “While home sales growth isn’t as rapid in the city, demand is still strong. Analysts predict Austin will be a market to watch in 2019.”
Source: Austin Board of REALTORS® (ABoR)