Austin-area home sales are slowing down, if only slightly, according to a new report from the Austin Board of Realtors. Home prices, however, are still on the rise.
In May 2015, 2,767 single-family homes were sold in Austin, a 2 percent decrease from May 2014. While sales dipped, prices continued to increase "at a rapid rate that is outpacing historical appreciation," explains an ABoR release.
According to the report the median price for Austin-area single-family homes in May 2015 increased 9 percent year-over-year to $271,000. During the same time frame, the average home price increased 7 percent to $348,201. The May 2015 average home price was also about $7,000 higher than April 2015 ($341,054).
"The majority of homes entering the market continue to be priced outside of an affordable price range for many residents," notes ABoR. "Only 25 percent of single-family housing options in Central Texas below $200,000."
"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," said Barb Cooper, ABoR president.