The Austin Board of REALTORS® report on the Austin real estate market shows that Austin-area single-family home sales were up year-over-year, for the fifth consecutive month, in October 2015. The report was based on information pulled from the Multiple Listing Service (MLS). Single-family home sales in the Austin area saw an increase of two percent during the same time; to 2,378 home sales. Median price also were up a total of five percent to $252,790 in October 2015.
Barb Cooper, 2015 President of the Austin Board of REALTORS®, explained,
“We’re on pace for another record year and while home sales typically slow each fall, housing demand has remained strong far past the typical peak selling season. This demand stems from strong employment and our area’s high growth rate—factors that help create a stable housing market.”
Austin was recently ranked as the second-most stable housing market in the country according to a Freddie Mac report. The report showed Austin’s housing market as “improving,” with positive gains in employment and mortgages in good standing.
“A stable housing market bodes well for Central Texas,” added Cooper. “But we need to find ways to give more Austin-area homeowners access to that stability by increasing our density, preserving our existing housing stock through stronger code enforcement and creating more affordable housing options.”
New listings in the Austin area were unchanged year-over-year at 2,847 listings, while active listings increased by three percent compared to October 2014 to 6,342 listings. A total of 2,339 single-family home sales were pending over the same time, which is an increase of four percent. Homes remained on the market for an average of 50 days in October 2015, one day fewer compared to October 2014.