Austin Housing Market Stays Hot Sets Records For Sales Home Prices

Austin Housing Market Stays Hot Sets Records For Sales Home Prices

Austin housing market stays hot, sets records for sales, home prices! 



  

AUSTIN, Texas –May 19, 2016– Single-family home sales increased in the Austin-Round Rock Metropolitan Statistical Area (MSA) in April 2016, highlighting growing urban sprawl as rising housing costs exacerbate affordability challenges, according to theApril 2016 Central Texas Housing Market Reportreleased today by the Austin Board of REALTORS®.

“Much of Central Texas’ home sales activity is now taking place outside of Austin’s city limits, with housing demand driving growth in surrounding counties,” saidAaron Farmer, 2016 President of the Austin Board of REALTORS­®. “The City of Austin’s housing market is drastically different than surrounding areas. In Austin, home sales growth is suppressed, inventory is more constrained and home prices are much higher.”

In April 2016, single-family home sales increased 12.5 percent year-over-year to 3,863 home sales in the Central Texas region. Nearly 80 percent of those homes were sold outside of Austin’s city limits. In the five-county MSA, single-family home sales rose 5.1 percent year-over-year to 2,600 home sales during the same time frame.

Hays County experienced the largest annual gain in home sales in April 2016, with single-family home sales jumping 17.8 percent year-over-year to 338 home sales. Williamson County was the only county in the Austin-Round Rock MSA to experience a decline in home sales in April 2016, with single-family home sales dropping 5.1 percent year-over-year to 816 home sales.

In the City of Austin, single-family home sales held steady at 829 home sales, a 1.7 percent increase from April 2015 and nearly equivalent to the home sales volume in all of Williamson County in April 2016.

"Hays County is one of Austin’s few surrounding areas with entry-level homes priced less than $200,000, a price point with high demand,” saidMark Sprague, State Director of Information Capital for Independence Title. “In Williamson County, demand is highest for homes priced between $200,000 and $400,000, but there is not sufficient housing stock to meet demand, particularly in Round Rock and Pflugerville.”

The rate of growing home prices also slowed in Williamson County in April 2016, with the median price for single-family homes increasing only two percent year-over-year to $255,000. Conversely, the median price in Travis County increased 7.8 percent from April 2015 to $339,500, while median price within the City of Austin jumped 10.6 percent during the same time frame to $359,450.

Despite small gains across the region in April 2016, monthly housing inventory in the Austin-Round Rock MSA remained low at 2.3 months. This is nearly two-thirds less than the 6.5 month-level* the Real Estate Center at Texas A&M University cites as a market in which supply and demand for homes is balanced. In Austin, housing inventory remained at near-critical levels of 1.8 months, an increase of 0.3 months from April 2015.

“Housing affordability includes not only a home’s sale price, but the homeowner’s ability to continue to afford the home as property values rise from year to year,” concluded Farmer. “The Austin Board of REALTORS® encourages homeowners to learn how their home is being appraised and all property tax exemptions they might qualify for. A Central Texas REALTOR® can help homeowners contest their assessment by identifying comparable properties and gathering the necessary background information to formulate an appeal.”

For additional housing market statistics and downloadable infographics for the Austin-Round Rock MSA; Central Texas; Hays, Travis and Williamson Counties; and the City of Austin, please click on any of the images above to view statistics for each area.

Find original article at: http://www.austinhomesearch.com/pages/austin-market-update



Are you thinking about selling your home? NOW IS THE TIME! Click the link below to get a free estimate of your home! 

http://triciashirk.aus.exprealty.com/sell.php


Tricia Shirk Headshot
Author:
Phone: 541-419-7703
Dated: May 23rd 2016
Views: 345
About Tricia: My name is Tricia Shirk, I am originally from Oregon and now an Austinite since 2014. I love explor...

Property Search








RSS Feed

View our latest blog posts in your RSS reader. Click here to access. RSS

Search Blog

Recent Blogs

Immaculate House For Sale Near Y At Oak Hill Austin Texas 78736 - Located Near The Y At Oak Hill3 bdrm
Thanksgiving And Christmas Typically Sparks Rise In Home Burglaries - APD BURGLARY UNIT OFFERSHOLIDAY TIPS
Austin Holiday Home Fire Preventatives - HOLIDAY SAFETYKeep your family and o
Zilker Holiday Tree Celebrates 50 Years In 2016 Austin Texas - Kick off the holiday season and cele

Saved Properties

This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.

Click 'Save' to add a property to this list.

Register / Login

New & returning visitors please enter your information to login.

By clicking 'register' you are agreeing to our terms of use & giving us expressed written consent to contact you.

Questions? Comments? Complaints?

This message will go directly to the head of our team.

Location & Address

eXp Realty Austin
9600 Great Hills Trail Suite 150W
Austin, TX
512-960-3506