Yet another record-breaking month of Austin home sales is in the books.
The Austin Board of Realtors has released its July 2015 report revealing that, for the second month in a row, Austin-area home sales surpassed $1 billion in total volume sold. In addition, July 2015 set a record for the most homes sold. Home sales increased 12 percent year-over-year to 3,149.
Perhaps unsurprisingly, home prices were also on the rise. In July 2015, the median single-family home price rose to $269,500 (an 8 percent year-over-year increase). The average home price rose to $338,452 (an increase of 6 percent).
Less than 30 percent of the homes sold last month were priced below $200,000. However, inventory levels increased to three months, signaling more housing opportunities and, hopefully, a more balanced market.
"We’re in the midst of one of the most active summer selling seasons to-date, with more single-family home sales than ever before," says ABoR President Barb Cooper. "Home prices remain high, but inventory levels have increased steadily throughout 2015, perhaps taking a step toward a more balanced housing market."