School is back in, and the July housing market statistics reflect growth yet again, with sales of single family homes in Austin running 35% above this time last year. With more and more people moving to Austin, the demand for housing continues to rise. Austin's year-over-year housing inventory fell to 2.8 months in June, a decrease of 2.5 months from July 2012.
July actually set a record with it's 3,155 single family homes sold. On average, homes in Austin spent 41 days on the market, which is 23 days less than last year. This is quite the opportunity for sellers, as good quality homes are sure to sell quickly, and at or above asking price. The median price for Austin-area homes increased to $228,250, which is 8% more than last year.
The average 30-year mortgage rate is moving between 4.5% and 5%, which is still very low. Buyers are being encouraged to lock in these low mortgage rates while they can. They are also being encouraged to act quickly, and enlist the help of a realtor when searching for homes for sale in Austin, West Lake Hills, Round Rock, or Cedar Park; as these are some of the more popular areas. The number of single-family homes on the market in Austin was 6,104 in July 2013, which is 20% fewer than last year.
Whether you're searching for a luxury home in Austin or a more affordable choice, you have to move fast in this market to ensure you get the perfect home. Check out our video below for more information!
Hi, I'm Seth Thompson, broker for HomeCity Real Estate, here with the market update for Austin, Texas August 2013. It's a great time to be in Austin with the city's growing job market and strong economy.
The housing market experienced it's highest performing month to date in terms of home sales. With low inventory and steady demand for housing, we expect home prices in Austin to continue to increase in the seller's market.
Now let's take a second to look at some real market data recently related from the Austin Board of Realtors. Austin's year-over-year housing inventory fell to 2.8 months in July a decrease of 1.5 months from July 2012.
July also set a record in Austin with 3,155 single family homes sold in the area. That volume is 35% more than July of 2012.
On average, homes spent 41 days on the market. That's a decrease of 23 days from one year prior.
The median price for Austin area homes increased to just over 228,000. That's 8% more than the same month last year.
The number of single family homes on the market was just over 6,000, which is 20% fewer than July of 2012.
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