In July and August this year, a slight cooling of Austin’s real estate market generated some concern about where the market was headed.
But that concern has been blunted by the record-breaking pace of home sales in September.
New data released by the Austin Board of REALTORS shows that 2,524 single-family homes sold in September. That’s a record-setting 10 percent increase compared to sales figures from September 2013.
“September’s 10 percent increase in home sales, despite ongoing issues in housing affordability, is a testament to the strong population and job growth that the Austin area and its economy continue to enjoy,” Bill Evans, 2014 President of ABOR said. “However, these records in home prices also show that area homes continue to become more and more unaffordable for Austin homebuyers.”
The median price of a home continued to climb, hitting $240,000 — an 8 percent increase. Average price climbed 7 percent, to $308,514. Both the median and average prices are the highest on record for the month of September.
The average number of days homes spent on the market matched last September’s figures at 44 days.
Austin had more single-family homes listed on the market than last September, with 6,469. And the 2,201 pending sales marked an 11 percent increase compared to September 2013.
Overall, $778 million worth of single-family properties sold last month, an 18 percent jump from September 2013.
“Recent reports from a national real estate advertising company have claimed that the Austin-area housing market is overvalued, but local economic experts continue to point to our region’s strong economic and population growth as foundations of a healthy market and indicators that those claims are not true,” Evans said. “The 110 people who the City of Austin says move to Austin every day need homes to live in, and the real issue at hand is whether those people can afford those homes.”
Condominium sales slipped 4 percent compared to September 2013, with 245 condos purchased at a median price of $205,500. The median price marked a 1 percent increase, and the condos averaged 41 days on the market — two days shorter than September 2013.