Bouncing Back

Austin home sales on the rise after two-month slump

Austin-area home sales jump after two-month slump

After two months of unexpected dips in home sales, the Austin real estate market is rebounding. On Tuesday, the Austin Board of Realtors released data for September 2014 home sales, detailing that home prices and sales are once again on the rise. 

Last month, single-family home prices set an all-time record price for the month of September, with the median price growing to $240,000 while the average price increased to $308,514. But the biggest jump was the number of homes sold in September 2014: 2,524 — a 10 percent increase from September 2013.

In the release, ABoR President Bill Evans denied theories that the Austin market could be headed for a dangerous bubble, despite growing prices for single-family homes. (Median home prices increased eight percent over September 2013; average home prices rose by seven percent.)

"Recent reports from a national real estate advertising company have claimed that the Austin-area housing market is overvalued, but local economic experts continue to point to our region’s strong economic and population growth as foundations of a healthy market and indicators that those claims are not true," he said.

"The 110 people who the City of Austin says move to Austin every day need homes to live in, and the real issue at hand is whether those people can afford those homes."