Austin-area home prices remain high, home sales decrease in May 2015
• 2,767 – Single-family homes sold, 2% less than May 2014
• $271,000 – Median price for single-family homes, 9% more than May 2014
• $348,201 – Average price for single-family homes, 7% more than May 2014
• 42 – Average number of days single-family homes spent on the market, 2 days more than May 2014
• 3,865 – New single-family home listings on the market, 3% less than May 2014
• 6,323 – Active single-family home listings on the market, 6% more than May 2014
• 2,936 – Pending sales for single-family homes, unchanged from May 2014
• 2.7 – Months of inventory of single-family homes, 0.1 months more than May 2014
• $963,472,167 – Total dollar volume of single-family properties sold, 5% more than May 2014
June 19, 2015 – After setting a record in April, single-family home sales dipped two percent to 2,767 home sales in May, according to the May 2015 Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS®.
Single-family home prices remained high, both setting a record for the month of May and increasing at a rapid rate that is outpacing historical appreciation, which is typically four percent annually according tot he Real Estate Center at Texas A&M University. The majority of homes entering the market continue to be priced outside of an affordable price range for many residents, with only 25 percent of single family housing options in Central Texas below $200,000.
Barb Cooper, 2015 President of the Austin Board of REALTORS®, explained, “Affordability remains an issue across the region, identifying a need for Central Texas to address the “missing middle” with an influx of diverse housing stock.”
According to the report, the median price for Austin-area single-family homes increased nine percent year-over-year to $271,000 in May 2015, while average price increased seven percent to $348,201 during the same time frame.
New listings for single-family homes decreased three percent year-over-year to 3,865 listings, while active listings increased by six percent to 6,323 listings in May 2015. Pending sales remained unchanged at 2,936 pending sales compared to the same time frame last year.
A combination of a slight decrease in home sales and an increase in active listings caused inventory levels to rise in May 2015. Austin-area housing inventory increased 0.1 months year-over-year to 2.7 months in May 2015, a figure still well below the 6.5 month level the Real Estate Center at Texas A&M University estimates as a balanced housing market.
“Unfortunately, the majority of single-family homes can no longer be developed within the region in an affordable price range for most homebuyers. Creating conditions that allow for housing options for all of our residents, such as medium-scale housing options, will help increase housing affordability, improve the tax base and potentially provide income for homeowners,” said Cooper. “Equally important, this type of housing stock allows for greater density and helps residents to live close to where they work and go to school.”
Source: Austin Board of Realtors
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