AUSTIN -- Austin has broken another record in the housing market with the largest amount of sales in the city’s history.
The Austin Board of Realtors issued their monthly Multiple Listings Service report Tuesday.
According to the report Austin-area sales for single-family homes totaled 3,135 which is 35 percent higher than July of 2012.
ABOR says homes spent an average of 41 days on the market before selling, a decrease of 23 days from just one year ago.
“The record number of sales in July can be traced back to Austin’s job growth and strong economy. The expected rise in mortgage rates may have also encouraged buyers to act now. As home builders work to meet demand we can expect home prices to steadily increase, which could price many out of the area,” said ABOR chairwoman Cathy Coneway.
Coneway says median prices for homes also rose to $228,250, an eight percent increase from the same period in 2012. In all $933,242,475 of property was sold, a 43 percent increase from last year.
More new homes were placed on the market too, 22 percent more. In addition, there were 20 percent fewer active listings and 20 percent more pending sales in July of 2013 when compared to 2012.
“The housing affordability bond package, up for vote in November, is a key component to maintaining a healthy housing supply and ensuring future economic growth for Austin. Our community is at its strongest when there is a steady supply of affordable housing for everyone who calls Austin home,” Coneway said.
July 2013 Statistics
- 3,135 – Single-family homes sold, 35 percent more than July 2012.
- $228,250 – Median price for single-family homes, eight percent more than July 2012.
- 41 – Average number of days single-family homes spent on the market, 23 days fewer than July 2012.
- 3,523 – New single-family home listings on the market, 22 percent more than July 2012.
- 6,104 – Active single-family home listings on the market, 20 percent fewer than July 2012.
- 2,773 – Pending sales for single-family homes, 20 percent more than July 2012.
- 2.8 – Months of inventory* of single-family homes, 1.5 months less than July 2012.
- $933,242,475 – Total dollar volume of single-family properties sold, 43 percent more than July 2012.
The following sections describe trends in other sectors of the Austin real estate market:
Townhouses & Condominiums
The volume of townhouses and condominiums (condos) purchased in the Austin area in July 2013 was 361, which is 31 percent more than July 2012. In the same time period, the median price for condos was $180,000, which is four percent less than the same month of the prior year. When compared to July 2012, these properties spent 20 percent less time on the market, or an average of 47 days.
In July 2013, a total of 2,103 properties were leased in Austin, which is nine percent more than July 2012. The median price for Austin-area leases was $1,400, which is four percent more than the same month of the prior year.