The median price of a home in Austin continued to climb in August even as the pace of real estate sales slowed down slightly, according to a new report by the Austin Board of REALTORS.
Compared to August 2013, the median price for single-family homes increased 11 percent this August to $311,414. Meanwhile, 2,835 homes sold in August, a 4 percent decline from the same month a year ago.
That marked the second month in a row of slightly declining sales when compared to last year.
Bill Evans, president of ABoR, said lower sales figures are a result of rising costs.
“A majority of Austin-area homes are now priced out of an affordable range for first-time and first-time move up homebuyers, where a significant portion of home sales volume occurs,” he said.
But sellers are still enjoying relatively fast sales.
In August, single-family homes spent an average of 42 days on the market. That’s a day quicker than August 2013, and it’s still much faster than most other cities in the nation.
Inventory and Condos
Austin’s monthly housing inventory climbed to 3 months in August — up .2 months from last year. That’s still behind the Real Estate Center at Texas A&M University’s balanced housing level of 6.5 months.
Active listings increased 10 percent since last year to 6,707 listings. Meanwhile, new listings jumped four percent compared to August 2013 to 3,310.
Overall, nearly $883 million worth of single-family properties sold in August 2014 — up 4 percent from the same month last year, according to ABoR figures.
Median prices for townhouses and condos climbed 9 percent to $212,000, and 308 of them sold, a 13 percent decline from August 2013. But they’re selling almost a week faster than in August 2013, spending just 34 days on the market on average.
Leasing in Austin climbed three percent compared to August 2013, with 2,209 signed leases at a median price of $1,500. That marked a 7 percent increase in median price compared to last year.