Austin is the most expensive market in the state, and Central Texas home sales are hot, hot, hot.
According to the Austin Board of Realtor's August 2017 report, we just experienced the best summer selling season Central Texas has ever seen. Rising prices and a surge in sales made May through August 2017 the "highest-grossing summer selling season across Central Texas real estate in the region’s history."
"The Central Texas housing market just experienced the strongest summer selling season on record," says Brandie Guthrie, ABoR president, in a release. "The Austin-Round Rock MSA saw record-breaking growth, during which median price topped $300,000 and home sales volume topped $1 billion four consecutive months in a row."
In August 2017, single-family home sales increased 1 percent in the metro area and 6 percent in Austin proper. At the same time, the median home price in the metro reached $300,000; in the city of Austin, the median home price hit $361,000.
While home sales increased and prices grew, housing inventory was also on the rise. That signals a move to a more normalized housing market, says Dr. Jim Gaines, chief economist for The Real Estate Center at Texas A&M University. So what should we expect for the latter part of 2017? While we won't see price decreases, as housing levels rise, we could see a slowing of home price growth.
Still, affordability is a major concern in Austin and the greater Central Texas area.
"While we’re currently seeing positive upticks in housing inventory across our region, housing prices will continue to rise with demand," Guthrie says. "As Central Texas Realtors, it’s our commitment to advocate for affordable housing options, particularly within entry-level homebuyers."