The Austin Board of REALTORS® (ABoR) compiled the statistics for the Austin Real Estate market for the month of September, 2015 and had a bit to say about the strong market. Using information pulled from the Multiple Listing Service (MLS), ABoR found that Austin-area single-family home sales and prices hit record highs for the month of September. Home sales in Austin have increased by seven percent year-over-year to the tune of 2,603 units sold, while median prices also rose, eight percent, year-over-year, up to $258,000 in September 2015.
Barb Cooper, 2015 President of the Austin Board of REALTORS¬®, explained:
“While current demand bodes well for home sales throughout the rest of year, affordability issues continue to impact Austin-area homebuyers. Fortunately, we have two strong solutions on the November ballot to help increase housing affordability and support Central Texas infrastructure growth.”
Proposition 1 is being input on the ballots next month. If accepted, it would permanently lower the cost of homeownership in Texas by raising the homestead exemption from $15,000 to $25,000 for most homeowners and from $25,000 to $35,000 for homeowners with disabilities or if they are over the age of 65. That change would put into effect a permanent property tax reduction of $125 per year for the average Texas homeowner.
Additionally, Proposition 1 would also make permanent a ban on real estate transfer taxes, which would protect Texas’ housing affordability in the future.
“We need a combination of property tax relief, broader development of medium-density housing options, and funding for transportation projects to have a lasting impact on Central Texas affordability and infrastructure,” added Cooper. “Central Texas REALTORS® urge Austin-area voters to vote ‘yes’ on November 3 for both Proposition 1 and Proposition 7 to help ensure Texas is an affordable place to live and work in the future.”
According to MLS report for September 2015, average prices for Austin-area single-family homes saw an jump of five percent up to $324,150.
New listings in the Austin area rose 11 percent to 2,860 listings while active listings were up by four percent year-over-year to 6,759 listings. Pending sales also saw an increase, jumping nine percent to 2,391 single-family home sales. Homes remained on the market for an average of 47 days in September 2015, three more days than September 2014.