Single-family home sales in the Austin area saw an increase of 9.3 percent, to 2,552 home sales, in the month of March, 2016 when compared to March of 2015. During the same time period the median price for single family homes also jumped up 7.8 percent year-over-year – to $278,000. This information was pulled by Austin Board of REALTORS® (ABoR) using the Multiple Listing Services (MLS).
Aaron Farmer, the 2016 President of the Austin Board of REALTORS® stated:
“Home sales continue to rise throughout the region, but for many Austin-area residents, homeownership is just not a feasible option. Longtime Austin residents are being priced out of their homes and many are unable to live close to their work or school. As a city, we have to start being mindful of how our property development, appraisal and code enforcement decisions impact not only housing affordability, but also the diversity of our neighborhoods and communities.”
The housing inventory for the Austin area was set at 2.0 months in March 2016. This is a slight decrease of 0.2 months from March 2015. The 2.0 month inventory is well below the 6.5 month level the Real Estate Center at Texas A&M University constitutes as a balanced housing market.
In March 2016, homes spent 54 days on market. This number is unchanged from the year prior.
“The City of Austin’s ineffective code enforcement and land development code are immediate barriers to achieving more diverse, affordable housing options throughout our city, both by failing to preserve existing housing stock through proper code enforcement and restricting infill and further development where additional housing options are needed most.”
New listings increased by 12.2 percent to 3,633 listings; while active listings increased 1.5 percent year-over-year to 4,669 listings in March 2016. Pending sales in the area increased 7.2 percent to 2,811 sales.
“The Austin Board of REALTORS® is taking action to encourage greater housing diversity in Central Texas by providing enhanced REALTOR® education on fair housing and diversity issues. We want homebuyers and sellers to know that REALTORS® can help them take advantage of homebuyer assistance programs and pre-purchase counseling to find their future home,” concludes Farmer.