Austin Real Estate Market Stats July 2015

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Austin-area home sales continue to reach new heights, as evidenced by the 12 percent year-over-year increase of home sales, up to 3,149 sales for the month of July. This information was pulled using theMultiple Listing Service (MLS) and reported by the Austin Board of REALTORS® (ABoR),

Barb Cooper, 2015 President of the Austin Board of REALTORS¨, explained,

“We’re in the midst of one of the most active summer selling seasons to-date, with more single-family home sales than ever before. Home prices remain high, but inventory levels have increased steadily throughout 2015, perhaps taking a step toward a more balanced housing market.”

Information pulled from the report shows that the median price for Austin-area single-family homes went up eight percent year-over-year, to $269,500, in the month of July 2015. During the same time frame average price increased six percent, to $338,452.

Less than 30 percent of single-family homes sold in the Central Texas area were priced below $200,000 during July 2015.

As with the month of June 2015, the total dollar volume of sales in July topped $1 billion, reaching $1,065,785,348, and increased 19 percent year-over-year.

New listings saw a jump of nine percent, to 4,133 listings, and active listings increased by five percent to 7,174 listings..

Austin-area single family home pending sales were up eight percent year-over-year to 2,873 listings. The average days on market was 41 days, which is up two days more than July 2014.

Cooper concluded,

“Mayor Adler recently called for 100,000 new housing units to be built by 2025 as a first step to untangling the city of Austin’s complicated permit review process and alleviating affordability issues in Austin. The Austin Board of REALTORS® sees this initiative as progress toward a more sustainable Central Texas housing market and will continue to work with city leaders to make Austin an affordable place to call home for all residents.”