Pending Sales Growth in August Continued to Show Strong Gains28 Sep Irina Kay
AUSTIN, TX– Continued demand for single-family homes in the Austin-Round Rock Metropolitan Statistical Area (MSA) led to the highest-grossing August on record for Central Texas home sales volume, according to the August 2018 Central Texas Housing Market Report released today by the Austin Board of REALTORS®. Strong sales led to double-digit gains in sales dollar volume for homes sold in the five-county MSA, which totaled more than $1.2 billion in August.
“Last month’s housing market activity shows little evidence that the market is slowing as we move into the fall,” Steve Crorey, 2018 president of the Austin Board of REALTORS®, said. “More homes are entering the market and pending sales growth remains strong year over year.”
Crorey added, “At the same time, the gains in housing stock have yet to impact housing inventory levels. After a year of modest inventory gains in 2017, housing inventory growth has been flat or has declined in many local markets throughout this year. This is particularly evident in the Austin city limits, where housing demand is strongest.”
Austin-Round Rock MSA
In the five-county MSA, home sales dollar volume in August 2018 jumped 10.5 percent year over year to $1,208,374,131. This is partially due to continued growth in home prices, as the median price increased 8.2 percent year over year to $322,478. Single-family home sales also set a record in August, rising 3.7 percent to 3,034 sales.
Pending sales growth in August continued to show strong gains throughout the MSA, increasing 12.1 percent year over year to 2,798 pending sales. During the same period, active listings for the five-county MSA increased 4.2 percent to 7,887 listings, while new listings spiked 16 percent to 3,741 listings. Monthly housing inventory remained unchanged from August 2017 at 3.1 months.
“So far, 2018 has shown the highest number of sales ever for the Greater Austin area and we’re on track to set another annual home sales record this year,” Mark Sprague, state director of information capital for Independence Title, said. “Interest rates are expected to go up one-eighth of a point by the end of the year, and another three-eighths to a half of a point next year. Because median household income has increased nationally and locally, rising interest rates are not expected to negatively impact home sales.”
City of Austin
In the city of Austin, home sales remained flat from the previous August at 901 sales, while sales dollar volume increased 11 percent to $446,067,482. The median price for single-family homes increased 9.2 percent to $393,000. During the same period, new listings jumped 10.5 percent to 1,045 listings; active listings decreased 8.2 percent to 1,735 listings; and pending sales increased 8.7 percent to 824 home sales. Monthly housing inventory decreased by 0.2 months to 2.2 months of inventory.
In Travis County, August single-family home sales slightly increased 1.1 percent year over year to 1,449 home sales; sales dollar volume increased 8 percent to $699,354,068. The median price for single-family homes rose 7.2 percent to $375,000. During the same period, new listings jumped 15.1 percent to 1,780 listings; active listings declined 1.9 percent to 3,636 listings; and pending sales spiked 15.2 percent to 1,363 sales. Monthly housing inventory decreased 0.1 months year over year to 2.9 months of inventory.
In August 2018, Williamson County single-family home sales rose 7.3 percent year over year to 1,089 home sales, while sales dollar volume experienced a double-digit growth of 13.9 percent to $347,227,983. During the same period, the median price for single-family homes increased 7.2 percent to $294,612. New listings spiked 18.5 percent to 1,358 listings; active listings increased 8.5 percent to 2,724 listings; and pending sales climbed 5 percent to 968 pending sales. Housing inventory remained unchanged from August 2017 at 3.0 months.
Hays County single-family home sales rose 2 percent to 353 sales in August 2018, as sales dollar volume experienced a double-digit increase of 10.9 percent to $124,761,539. The median price for a single-family homes jumped 13.3 percent year over year to $294,659. During the same period, new listings rose 8 percent to 417 listings; active listings increased 7.5 percent to 1,065 listings; and pending sales jumped 15.6 percent to 326 sales. Housing inventory increased 0.1 months to 3.6 months of inventory.