Real Estate Report

Austin home prices surge during record-breaking month for local real estate

Home prices surge during record-breaking month for Austin real estate

Austin home house 1011 E. 15th St. 78702 2015 exterior 1
Austin home sales and prices increased year-over-year in September 2015.  Courtesy of Skout

Austin-area home prices are on the rise once again — and so are local home sales. Released Thursday, the September 2015 report from the Austin Board of Realtors reveals that home sales and prices hit an all-time high for the month of September. 

Last month, Austin-area home sales witnessed a 7 percent increase year-over-year to 2,603 homes sold. At the same time, median home price increased 8 percent year-over-year to $258,000, while the average home price rose to $324,150, up 5 percent from September 2014. 

Single-family homes spent an average of 47 days on the market last month, just a few days more than the previous year. Austin's housing inventory — at 2.8 months — remained unchanged. The total dollar volume of single-family homes sold in September 2015 was $843,762,450. That figure is up 14 percent from the previous year, but it's down significantly from Austin's billion-dollar months in July and August

Still, affordability proves to be a growing challenge in the local market. "While current demand bodes well for home sales throughout the rest of year, affordability issues continue to impact Austin-area homebuyers," reiterates ABoR President Barb Cooper in the release.

"Fortunately, we have two strong solutions on the November ballot to help increase housing affordability and support Central Texas infrastructure growth."