Using information pulled from the Multiple Listing Service (MLS), the Austin Board of REALTORS® (ABoR) reported that single-family home sales in the Austin area went down two percent, to a total of 2,767 home sales in the month of May, 2015.
Prices maintained high numbers for single-family home sales, setting a record for the month of May while also increasing at a rapid rate that is outpacing historical appreciation – typically four percent annually. The majority of homes entering the market continue to see aggressive pricing; with most of the inventory for single-family housing options in Central Texas above the $200,000 mark.
Barb Cooper, 2015 President of the Austin Board of REALTORS¬®, explained,
“Affordability remains an issue across the region, identifying a need for Central Texas to address the “missing middle” with an influx of diverse housing stock.”
According to the report, the median price for Austin-area single-family homes increased nine percent year-over-year to $271,000 in May 2015, while average price increased seven percent to $348,201 during the same time frame.
New listings for single-family homes fell three percent from the previous year, to 3,865 listings. However, active listings went up six percent to the tune of 6,323 listings in May 2015. Pending sales remained virtually unchanged at 2,936 pending sales.
Slight decreases in home sales and increases in active listings caused inventory levels to rise in May 2015.
Barb Cooper concluded with:
“Unfortunately, the majority of single-family homes can no longer be developed within the region in an affordable price range for most homebuyers. Creating conditions that allow for housing options for all of our residents, such as medium-scale housing options, will help increase housing affordability, improve the tax base and potentially provide income for homeowners,” said Cooper. “Equally important, this type of housing stock allows for greater density and helps residents to live close to where they work and go to school.”