Home Sales Surge
Austin real estate market heats up with surprising surge in home sales
Austin home sales are on the upswing once again, according to the latest report from the Austin Board of Realtors (ABoR). In October, single-family home sales in Austin proper jumped 7.5 percent year-over-year, after a 4.5 percent decline in September.
"Home sales typically slow down in the fall, so it’s encouraging to see a surge of sales within Austin’s city limits last month. Much of this growth is being driven by new home sales in the city, which are up nearly 38 percent year to date," says Aaron Farmer, ABoR president, in a release. "Homes within Austin’s city limits continue to be in strong demand, despite having a significantly higher price point than housing stock in surrounding areas."
The median Austin home price increased 6.5 percent year-over-year to $332,250; for comparison, the median home price in the Austin-Round Rock metro area was $279,000. Despite more affordable prices, home sales in the metro dropped 3.1 percent year-over-year.
An even bigger dip was seen in Williamson County, where home sales dropped 12 percent. And in Hays County, which has seen tremendous growth in 2016, sales were flat. This scenario is a flip-flop from September, when home sales in the city of Austin fell, while sales in Central Texas grew.
But a slow October doesn't mean the real estate market is slowing down. New home starts in the Austin area are at their highest rate since 2006, pointing to another banner year for the market.