Real Estate Rumblings

Local home prices reach new record-breaking high

Local home prices hit new record-breaking high

The Austin Board of Realtors has released home sales stats for November 2014, and the news is good for those looking to sell.

According to the report, median home prices reached their highest price ever for the month of November in November 2014. The median home price last month was $245,000, an 11 percent increase over November 2013. The price also increased $5,000 from the median home price reported for October 2014

The average home price in November 2014 was $311,222 — steady with October 2014, but 6 percent higher than November 2013. Single family home sales also rose 6 percent over the previous year. 1,934 homes were sold in Austin last month.

While listings are up year-over-year, houses are still in short supply, said Bill Evans, ABoR president, in a release.

"Demand continues to outpace supply, placing a continued strain on housing inventory and pushing up home values. That’s great news for Austin homeowners looking to sell, but as we’ve discussed all year, it continues to present challenges for affordability in our market."