Strong first-quarter home sales in the greater Austin area continued into April, according to the most recent Central Texas Housing Report released by the Austin Board of REALTORS®. However, the Austin-Round Rock MSA’s first quarter home sales were tempered with a median home price increase of just .2% during that period, a figure that is significantly lower than the same period in previous years.
“Between 2012 and 2015, we saw price increases as high as 9%,” said Kevin P. Scanlan, 2019 president of the Austin Board of REALTORS®. “These narrower margins are a strong indication that market prices are starting to stabilize.”
The median single-family home price for the five-county MSA rose only 1.6%, coming in at $320,000.
Home sales volume continues to rise in the greater Austin area, and it was up 14.9% to 3,035 sales. Surprisingly, new listings were down 1.8%, while active listings increased 1%. Pending home sales in the greater Austin area spiked to 14.3%, while months of inventory hovered at 2.4.
According to the Texas A&M Real Estate Center, a “balanced market” is defined as six months worth of home inventory. With housing supply hovering at 2.4 months, the greater Austin area remains a “seller’s market,” meaning that it is generally more favorable to sellers due to a reduced supply of homes.
However, with the median home price tapering, there could be some stabilization and a silver lining for buyers who are considering getting off the sidelines and making an Austin-area home purchase.
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