According to the report pulled using the Multiple Listing Service (MLS) by the Austin Board of REALTORS® single-family home sales and prices in the Austin area have hit all-time highs for the month of February.
Barb Cooper, 2015 President of the Austin Board of REALTORS®, explained,
“The first two months of 2015 have broken monthly records for single-family home sales, yet nearly half of the homes sold in the Austin area in February 2015 were purchased outside of Austin’s city limits. This growing urban sprawl has put a strain on our region’s infrastructure. Long-term and sustainable solutions for statewide transportation funding in addition to policies that allow more affordable housing options inside Austin’s city limits will be critical to making Austin an affordable place to live for all residents.”
According to the information a total of 1,775 single-family homes were sold in the Austin area in February 2015. That staggering number is an increase of five percent year-over-year; and the highest number of homes sold ever for the month of February. In February 2015, 69 percent of single-family homes sold in the Austin area were at a price point of $200,000 or higher, outside of an affordable price range for many Austin homebuyers.
Home prices also set new records for the month of February. The median price for homes in the Austin area during February increased eight percent year-over-year to $248,640 while the average price rose five percent to $307,928. While less than the double-digit price increases seen in previous months, the pace of home price appreciation in February 2015 remains higher than the historical norm of around four-and-a-half percent.
Austin-area monthly housing inventory ended February 2015 at 2.2 months. That is an increase of 0.2 months from the same time period last year. Homes spent three extra days on market year-over-year to an average of 58 days.
Active listings were up nine percent year-over-year to 5,142 listings, in February 2015. New listings rose three percent to 2,619 listings over the same time frame last year. Pending sales increased to 2,278 sales, up eight percent from last year..
“The Austin area continues to see more homes on the market, rising housing inventory and homes spending more time on the market. While these trends would typically create more favorable market conditions for buyers, most all of the available housing stock within Austin proper continues to be unaffordable for the typical homebuyer. The Austin Board of REALTORS® urges statewide and city leaders to enact solutions now that will ensure the long-term sustainability of our region’s housing market and economy.”