Austin Real Estate Market Sees Possible Red-Hot Fall after Record-Setting August
October 29, 2018 | Front Porch Realty
Red-Hot Fall for Austin Real Estate Market after Record-Setting August
Austin, TX has seen continued demand for single family homes in the Austin-Round Rock Metropolitan Statistical Area (MSA) which has led to the highest-grossing August on record for Central Texas home sales volume according to a report by the Austin Board of Realtors. source: August 2018 Central Texas Housing Market Report
The strong sales reported led to double-digit gains in the dollar volume for homes old in the five-county MSA, sales totaled more than $1.2 billion.
Austin-Round Rock MSA
In the five-county MSA, home sales dollar volume in August 2018 jumped 10.5 percent year over year to $1,208,374,131. This is partially due to continued growth in home prices, as the median price increased 8.2 percent year over year to $322,478. Single-family home sales also set a record in August, rising 3.7 percent to 3,034 sales.
Pending sales growth in August continued to show strong gains throughout the MSA, increasing 12.1 percent year over year to 2,798 pending sales. During the same period, active listings for the five-county MSA increased 4.2 percent to 7,887 listings, while new listings spiked 16 percent to 3,741 listings. Monthly housing inventory remained unchanged from August 2017 at 3.1 months.
“So far, 2018 has shown the highest number of sales ever for the Greater Austin area and we’re on track to set another annual home sales record this year,” Mark Sprague, state director of information capital for Independence Title, said. “Interest rates are expected to go up one-eighth of a point by the end of the year, and another three-eighths to a half of a point next year. Because median household income has increased nationally and locally, rising interest rates are not expected to negatively impact home sales.”
City of Austin
In the city of Austin, home sales remained flat from the previous August at 901 sales, while sales dollar volume increased 11 percent to $446,067,482. The median price for single-family homes increased 9.2 percent to $393,000. During the same period, new listings jumped 10.5 percent to 1,045 listings; active listings decreased 8.2 percent to 1,735 listings; and pending sales increased 8.7 percent to 824 home sales. Monthly housing inventory decreased by 0.2 months to 2.2 months of inventory.
Travis County
In Travis County, August single-family home sales slightly increased 1.1 percent year over year to 1,449 home sales; sales dollar volume increased 8 percent to $699,354,068. The median price for single-family homes rose 7.2 percent to $375,000. During the same period, new listings jumped 15.1 percent to 1,780 listings; active listings declined 1.9 percent to 3,636 listings; and pending sales spiked 15.2 percent to 1,363 sales. Monthly housing inventory decreased 0.1 months year over year to 2.9 months of inventory.
Williamson County
In August 2018, Williamson County single-family home sales rose 7.3 percent year over year to 1,089 home sales, while sales dollar volume experienced a double-digit growth of 13.9 percent to $347,227,983. During the same period, the median price for single-family homes increased 7.2 percent to $294,612. New listings spiked 18.5 percent to 1,358 listings; active listings increased 8.5 percent to 2,724 listings; and pending sales climbed 5 percent to 968 pending sales. Housing inventory remained unchanged from August 2017 at 3.0 months.
Hays County
Hays County single-family home sales rose 2 percent to 353 sales in August 2018, as sales dollar volume experienced a double-digit increase of 10.9 percent to $124,761,539. The median price for a single-family homes jumped 13.3 percent year over year to $294,659. During the same period, new listings rose 8 percent to 417 listings; active listings increased 7.5 percent to 1,065 listings; and pending sales jumped 15.6 percent to 326 sales. Housing inventory increased 0.1 months to 3.6 months of inventory.
