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AUSTIN, TX– Early demand for single-family homes in the fourth quarter led to a record-breaking month of home sales for Central Texas, according to the October 2018 Central Texas Housing Market Report released today by the Austin Board of REALTORS®. Single-family home sales in the Austin-Round Rock MSA were the highest on record for any October, generating more than $900 million in sales dollar volume—another record for October.
“Over the past several years, Austin’s housing stock and home sales have become opposing forces that are widening our housing gap,” Steve Crorey, president of the Austin Board of REALTORS®, said. “We saw slight inventory increases across the market, particularly in the suburbs, but they’re not enough to offset ongoing demand.”
Crorey added, “With the strong passage of the affordable housing bonds on Election Day, I’m hopeful our city leaders are feeling a mandate to use all the tools in the toolbox to increase the housing supply our community so desperately needs.”
Austin-Round Rock MSA
In the five-county MSA, sales volume increased 4.3 percent year over year from 2,250 sales in October 2017 to 2,347 sales last month. Sales dollar volume increased 8.8 percent year over year to $901,408,403. High demand across the MSA and limited inventory pushed the median home price to $308,355.
New listings for the Austin-Round Rock metro area slightly increased 3.7 percent year over year to 2,871 listings in October. During the same period, active listings increased 8.2 percent to 7,434 listings and pending sales increased 2.8 percent to 2,444 pending sales. Monthly housing inventory increased by 0.1 months to 2.9 months of inventory.
“Market demand for new homes in the Austin area continues to be robust this fall, especially in price points below $300,000,” Vaike O’Grady, Austin regional director for MetroStudy, said. “Factors such as inclement weather have slowed development, and a lack of available lots has pushed the housing market farther out from Austin proper. However, the fundamentals in Austin have not changed. The demand for housing is so great that if the product is priced correctly and in a desirable location, it’s going to sell.”
Source: Austin Board of REALTORS® (ABoR)