The Austin Board of REALTORS® (ABoR) released a report using data from the Multiple Listing Services in regards to the Austin Real Estate market stats for April 2015. The information from the report shows that Austin-area single-family home prices and sales volume continue to reach new heights. April 2015 marked eight-straight months of annual home sale increases.
Barb Cooper, 2015 President of the Austin Board of REALTORS®, explained,
“The summer selling season doesn’t usually start in April, but it arrived early this year with significant increases in single-family home sales and prices for April 2015. Showing the impact of these increases, it cost nearly $20,000 more to buy a home in April 2015 than in March 2015 – one of the largest jumps in median home price that we’ve seen in years.”
Single-family home median prices in the Austin area jumped 14 percent year-over-year to $274,000 in April 2015, Average prices also increased 11 percent to $341,054.
New listings for single-family homes were up a total of nine percent, to the tune of 3,807. Active listings increased by 11 percent to 5,915. Pending sales saw a four percent increase year-over-year to 2,909 in April 2015.
“While this influx of housing stock is badly needed, unfortunately the majority of homes entering the market continue to be priced outside of an affordable range for many Austin residents, driving home buyers to look to surrounding markets outside of Austin,” added Cooper. “More than half of Austin-area homebuyers continue to purchase homes outside of Austin’s city limits in areas like Kyle, Pflugerville, and Georgetown.”
Single-family home sales volume also set a record for the month of April, increasing eight percent year-over-year to 2,568 home sales in April 2015.
Cooper ended with,
“The Austin Board of REALTORS® is pleased to see that city leaders are taking Austin’s need for affordability relief seriously with the establishment of the City of Austin Regional Affordability Committee. We expect lasting, impactful affordability solutions to come out of this committee and encourage Austin residents to get involved and voice the affordability challenges in their community. The Austin Board of REALTORS® looks forward to working alongside committee members and the community to find a long-term solution.”