It’s almost half way through 2014 and summer is in full swing! School is out and people are enjoying time on the lake and attending all of the fun events around town just about every weekend. As far as our real estate market goes, we continue to see a strong sellers market. Inventory remains low even though for the first time in more than three years the number of listings on the market actually grew year-over-year.
The Austin Board of Realtors (ABoR) recently released the latest housing market stats which showed Austin-area home sales increasing 3% to 2,943 single-family homes sold in May 2014. According to the report, monthly housing inventory decreased 0.1 month year-over-year to 2.6 months in May. Austin-area homes also continued to sell at an accelerated rate, spending an average of 40 days on the market. This is 4 days fewer than May 2013.
The median price for single-family homes rose 8% year-over-year to $249,000, while the average home price also increased 8% to $325,926. If you can believe it, $959,200,218 worth of single-family properties sold in May, that’s 11% more than last May. A quick check on interest rates show that rates have declined slightly since last month with conventional loan rates around 4.25% and FHA loan rates around 4%.
Watch our market update video, featuring Broker and Sales Manager Seth Thompson below!