We are mid-way through the third quarter of 2014 and school is almost back in session. Our real estate market is still strong, but for the first time this year we sold less homes than the same month last year. Keep in mind, though, that July 2013 had the highest sales volume in the history of Austin… some tough numbers to compete with!
The Austin Board of Realtors (ABoR) recently released their latest housing market statistics which show Austin selling 2,944 single-family homes this July. This is 3% less than July 2013. Austin-area monthly housing inventory rose to three months in July 2014, an increase of 0.2 months from the year prior and the first annual increase in inventory levels since May 2011! However, we are sill well below six months of inventory, which is considered a balanced market.
Austin-area home prices continued to climb with median prices increasing 9% year-over-year to $250,000 and the average price rising 7% to $318,854 in July 2014. Despite higher home prices, Austin-area homes continued to sell at a faster pace. In July, single-family homes spent an average of 39 days on the market, 2 fewer days when compared to July 2013.
$938,706,176 worth of single-family properties sold this month, that’s 4% more than July 2013. In this extremely fast paced market, it’s important to enlist the help of a realtor… especially if you’re looking in the more sought after neighborhoods! Start your Austin home search HERE!