Demand for Single-Family Homes Brings Record-Breaking Sales for Central Texas28 Nov Irina Kay
Early demand for single-family homes in the fourth quarter led to a record-breaking month of home sales for Central Texas, according to the October 2018 Central Texas Housing Market Report released today by the Austin Board of REALTORS®. Single-family home sales in the Austin-Round Rock MSA were the highest on record for any October, generating more than $900 million in sales dollar volume—another record for October.
“Over the past several years, Austin's housing stock and home sales have become opposing forces that are widening our housing gap,” Steve Crorey, president of the Austin Board of REALTORS®, said. “We saw slight inventory increases across the market, particularly in the suburbs, but they’re not enough to offset ongoing demand.”
Crorey added, “With the strong passage of the affordable housing bonds on Election Day, I’m hopeful our city leaders are feeling a mandate to use all the tools in the toolbox to increase the housing supply our community so desperately needs.”
Austin-Round Rock MSA
In the five-county MSA, sales volume increased 4.3 percent year over year from 2,250 sales in October 2017 to 2,347 sales last month. Sales dollar volume increased 8.8 percent year over year to $901,408,403. High demand across the MSA and limited inventory pushed the median home price to $308,355.
New listings for the Austin-Round Rock metro area slightly increased 3.7 percent year over year to 2,871 listings in October. During the same period, active listings increased 8.2 percent to 7,434 listings and pending sales increased 2.8 percent to 2,444 pending sales. Monthly housing inventory increased by 0.1 months to 2.9 months of inventory.
"Market demand for new homes in the Austin area continues to be robust this fall, especially in price points below $300,000,” Vaike O’Grady, Austin regional director for MetroStudy, said. “Factors such as inclement weather have slowed development, and a lack of available lots has pushed the housing market farther out from Austin proper. However, the fundamentals in Austin have not changed. The demand for housing is so great that if the product is priced correctly and in a desirable location, it's going to sell."
City of Austin
In the city of Austin, home sales increased 7.8 percent to 735 home sales in October. During the same period, sales dollar volume increased 11.9 percent to $342,644,303. The median price of single-family homes rose 3.7 percent to $377,000. New listings increased 5 percent to 878 listings; active listings decreased 5.4 percent to 1,643 listings; and pending sales decreased 2.2 percent to 711 pending sales. Monthly housing inventory decreased by 0.2 months to 2.1 months of inventory.
In Travis County, October single-family home sales slightly increased 6.2 percent year over year to 1,176 home sales; sales dollar volume experienced a double-digit increase of 10.9 percent to $537,493,050. The median price for single-family homes rose 5.5 percent to $358,540. During the same period, new listings increased 5.1 percent to 1,417 listings; active listings increased 1.2 percent to 3,374 listings; and pending sales increased 3.3 percent to 1,198 pending sales. Monthly housing inventory decreased 0.1 months year over year to 2.6 months of inventory.
In October, Williamson County single-family home sales decreased 0.5 percent to 780 home sales and sales dollar volume increased 3.3 percent to $242,949,724 since last October. During the same period, the median price for single-family homes increased 4.5 percent to $281,250. New listings decreased 2.6 percent to 963 listings; active listings increased 12.2 percent to 2,595 listings; and pending sales increased 2.1 percent to 835 pending sales. Housing inventory increased 0.2 months year over year to 2.9 months of inventory.
Hays County single-family home sales rose 8.1 percent to 280 sales in October 2018, while sales dollar volume increased 9.2 percent to $93,256,225. The median price for a single-family home decreased 1.5 percent to $250,000. During the same period, new listings spiked 25.9 percent to 370 listings; active listings experienced a double-digit increase of 18.9 percent to 1,039 listings; and pending sales increased 3.6 percent to 291 pending sales. Housing inventory increased 0.4 months to 3.5 months of inventory.