Real Estate on the Rise
Another record-breaking month is in the books for the Austin real estate market.
The Austin Board of Realtors reported Thursday that home sales jumped 16 percent in October 2014 over the previous year. Home prices were also on the upswing last month; median and average prices increased 11 percent over October 2013. The median home price in Austin rose to $240,000, while the average home price increased to $311,028. These are the highest figures ever for the month of October.
Bill Evans, president of the ABoR, reiterated what the rising cost means for the local market. "It’s always exciting to see a record-breaking month in real estate, but let’s remember that high demand often leads to high prices. For example, this month’s results show that it costs a typical homeowner $23,000 more to buy a home than one year ago.
"For some Austinites, that kind of price increase could mean looking at homes smaller in size, further outside the Austin area, or not being able to afford to buy a home at all. This just underscores the importance of housing affordability as a key issue going into 2015."
Here's a snapshot of Austin real estate figures from October 2014:
- 2,403 — Single-family homes sold, 16 percent more than October 2013
- $240,000 — Median price for single-family homes, 11 percent more than October 2013
- $311,028 — Average price for single-family homes, 11 percent more than October 2013
- 50 — Average number of days single-family homes spent on the market, two days longer than October 2013
- 2,850 — New single-family home listings on the market, 11 percent more than October 2013
- 6,170 — Active single-family home listings on the market, 11 percent more than October 2013
- 2,255 — Pending sales for single-family homes, 9 percent more than October 2013
- 2.7 — Months of inventory of single-family homes, 0.2 months more than October 2013
- $747,400,284 — Total dollar volume of single-family properties sold, 29 percent more than October 2013