Austin's hot summer real estate season ended on a high note. A new report from the Austin Board of Realtors shows that home prices in August 2015 hit an all-time high for the month — for both sales and leasing.
Median home prices increased 8 percent year over year to $265,000. Not far behind, median lease payments increased by 7 percent to $1,600 per month. In August 2015, the average Austin-area home price increased to $329,620, up 6 percent from the previous year.
ABoR reports that median home prices grew by more than 30 percent from August 2010 to August 2015, a $65,000 difference.
"As Austin Realtors, we’ve seen our city expand in ways we never could have imagined, but household incomes have not been expanding at the same rate as the cost of living in Austin," says ABoR President Barb Cooper. "We will continue working with our city’s leaders to find a solution to the complex affordability issues, with the end goal of providing affordable and diverse housing stock for our growing population that aligns with the actual incomes of Central Texas residents."
Despite the surge in prices, Austin home sales were still on the rise. Last month, 2,686 single-family homes were sold — an 8 percent increase from the previous year.