Recently here in Austin, we received enough rain to raise Lake Travis by two feet, which sounds like a lot! Unfortunately, the lake is still about 30 feet low. Not a huge impact, but Austin will take what it can get! As far as our real estate market goes, we continue to see a strong sellers market with multiple offer situations happening throughout the metro. Austin-area home prices hit an all-time high this April, while home sales trends continue to keep pace with last year.
The Austin Board of Realtors (ABOR) recently released their market data for April. According to the report, Austin-area home sales increased 1% to 2,479 single-family homes sold. Monthly housing inventory decreased .4 (half a month) year-over-year to 2.3 months in April. Homes in the area continued to sell at an accelerated rate, spending an average of 45 days on the market, and 5 days fewer than April 2013.
The median price for single-family homes rose 6% year over year to $239,900, whereas the average price remained unchanged since April 2014 at $308,752. Over $765 million dollars worth of single-family properties sold last month, that’s 1% more than last April.
On another note, interest rates show conventional loan rates around 4.25% and FHA loan rates around 4%. Interest rates have not been this low in almost a year!