The Austin Board of REALTORS® (ABoR) released the Austin real estate market statistics for the month of September, 2014 using information pulled from the Multiple Listing Service (MLS) report. The news is encouraging, as Austin-area single-family home prices set a record for the month of September, as well as Austin-area single-family home sales rebounding from the last two months of home sales declines. Austin-area single-family homes increasing a total of 10 percent from September 2013 up to a staggering 2,524 home sales.
The 2014 President of the Austin Board of REALTORS®, Bill Evans, explained,
“September’s 10 percent increase in home sales, despite ongoing issues in housing affordability, is a testament to the strong population and job growth that the Austin area and its economy continue to enjoy. However, these records in home prices also show that area homes continue to become more and more unaffordable for Austin homebuyers. ABoR encourages Austinites to take action on Nov. 4 by voting for City Council candidates who will prioritize housing development and affordability issues in 2015.”
The median price for Austin-area single-family homes rose eight percent year-over-year, and is now up to $240,000. The average price continued to grow as well, going up seven percent year-over-year to $308,514 in September, 2014. Both those numbers are the highest figures ever recorded for both median and average price for the month of September.
Meanwhile, Austin-area monthly housing inventory slipped back to 2.8 months, despite a year-over-year increase of 0.1 months from September 2013. This number is still well below the balanced housing inventory level of 6.5 months.
Austin-area homes have continued to sell at a quick clip. Single-family homes spent an average of 44 days on the market, which is the same as it was the year prior. In September 2014, active listings saw an increase of eight percent year-over-year. There were 6,469 listings, and new listings jumped four percent during the same time frame to 2,586 listings. Pending sales jumped up 11 percent due to the continued gains in single-family home listings over the months, up to 2,201 pending single-family home sales.