Using information pulled from the Multiple Listing Service (MLS), the Austin Board of REALTORS® has found that single-family home prices in the Austin area have hit record highs, while single-family home sales volume set all-time numbers for the month of March.
Barb Cooper, 2015 President of the Austin Board of REALTORS¬®, explained,
“The Austin-area housing market is the least affordable it has ever been. Solving Austin’s affordability issues is not only dependent upon generating new, affordably-priced housing stock, but also preserving and maintaining Austin’s existing housing stock. The recent Zucker Report is yet another indicator that Austin’s city leadership needs to take significant steps to ensure that all of Austin’s residents live in safe, code-compliant homes and are able to quickly and easily make improvements to those homes.”
Median prices for single-family homes are up 10 percent year-over-year, to a total of $255,000. The average price for Austin-area single-family homes increased an amazing 13 percent to $334,758. That number is the highest Austin-area home prices have ever been.
Roughly three out of every ten single-family homes sold in the Austin area in March 2015 were priced less than $200,000.
Single-family home sales also jumped 13 percent year-over-year to 2,440 home sales in March 2015. This set a new record for single-family home sales volume sold during the month of March.
More than 50% of the homes sold in the Austin area were outside of Austin’s city limits. The majority of sales were recorded in the outlying cities of Round Rock, Pflugerville, Georgetown, the Cedar Park/Leander area and the Kyle/Buda area.
New and active listings for single-family homes both increased six percent year-over-year to 3,402 and 5,274 respectively. Pending sales also rose five percent year-over-year to a total of 2,812 pending sales in March 2015.
“It’s encouraging to see how seriously Austin’s City Council is taking the findings of the Zucker Report. Now that Mayor Adler and Austin’s new City Council members are past their first 100 days in office, the Austin Board of REALTORS® expects quick and decisive action on policies that will put a stop to Austin’s growing housing affordability issues. We’re looking forward to working with city leaders on finding these solutions.”