According to the Multiple Listing Service (MLS) report, released by the Austin Board of REALTORS® (ABoR), Austin-area home sales had increased year-over-year for the past 5 months. November 2015 was unable to repeat the trend, dropping four percent when compared to the same month of the prior year. In all of 2015 there have only been 2 months where sales were down when put against last year’s numbers, the first month being May 2015.
Barb Cooper, 2015 President of the Austin Board of REALTORS¬®, explained,
“While November single family home sales volume decreased slightly compared to last year, year-to-date home sales volume continues to outpace 2014. With the Austin-area population exceeding two million over the summer, growth in Central Texas is showing no signs of slowing.”
According to the data pulled from the MLS, median prices for single-family homes in the Austin area jumped 10 percent year-over-year to $270,000 in November 2015. This number is a new record for the month of November. Not surprisingly, average price increased 12 percent to $347,292 during the same timeframe which is also a record.
New listings increased by one percent and active listings increased by three percent year-over-year. Pending sales were also up by four percent. Homes remained on the market one day less than last year, for an average of 54 days.
Mark Sprague, State Director of Information Capital at Independence Title Company, had this to say about the market:
“The Federal Reserve’s recent decision to raise interest rates is a sign of a healthy economy, and we’re fortunate that Austin has one of the strongest economies and housing markets in the nation. Millennials—a large portion of Austin’s population—have never seen interest rates go above 10 percent, so some might be concerned about the impact higher interest rates will have on Austin’s housing market and economy. Even with this increase, however, interest rates are still among the lowest they have ever been, and we do not anticipate a significant impact on the Austin-area housing market.”
“It’s encouraging to see an uptick in pending sales, active listings and new listings as a sign of more homes entering the market. Sellers are taking advantage of competitive market conditions and if active listings continue to increase year-over-year, it could lead to a much-needed increase in the Austin-area’s housing inventory level.”