Real Estate Report
Austin home sales take a dip as prices continue to rise rapidly
Austin-area home sales are slowing down, if only slightly, according to a new report from the Austin Board of Realtors. Home prices, however, are still on the rise.
In May 2015, 2,767 single-family homes were sold in Austin, a 2 percent decrease from May 2014. While sales dipped, prices continued to increase "at a rapid rate that is outpacing historical appreciation," explains an ABoR release.
According to the report the median price for Austin-area single-family homes in May 2015 increased 9 percent year-over-year to $271,000. During the same time frame, the average home price increased 7 percent to $348,201. The May 2015 average home price was also about $7,000 higher than April 2015 ($341,054).
"The majority of homes entering the market continue to be priced outside of an affordable price range for many residents," notes ABoR. "Only 25 percent of single-family housing options in Central Texas below $200,000."
"Affordability remains an issue across the region, identifying a need for Central Texas to address the 'missing middle' with an influx of diverse housing stock," said Barb Cooper, ABoR president.
Fish from your own backyard.Photo courtesy of West and Swope Ranches