June 2016 Austin Market Trends
AUSTIN, Texas – July 15, 2016 – Single-family home sales and prices experienced strong gains throughout the Central Texas region in the first half of 2016, according to the June & Mid-Year 2016 Central Texas Housing Market Report released today by the Austin Board of REALTORS®.
“Despite the ongoing housing shortage and affordability challenges impacting our region, population growth and housing demand continue to drive home sales upward,” said Aaron Farmer, 2016 President of the Austin Board of REALTORS®. “The Austin-Round Rock housing market is on track to outpace 2015 market levels, which was a record-breaking year for home sales.”
Austin-Round Rock Metropolitan Statistical Area (MSA)
Single-family home sales in the five-county Austin-Round Rock MSA rose 6.1 percent year-over-year to 14,482 home sales in the first half of 2016, while median price rose seven percent year-over-year to $282,000. Home listings also experienced gains in the first half of the year, with active listings increasing 6.6 percent to 5,290 listings, new listings rising 5.7 percent to 20,060 listings, and pending sales rising 7.2 percent to 15,909 sales.
Rising home sales and home prices means a greater impact on the region’s economy as well. Sales dollar volume in the Austin-Round Rock area was $5,073,874,678, an 11.5 percent increase from the first six months of 2015.
Single-family housing market activity continued to be strong in June 2016, with home sales jumping to 3,219 sales, an 8.5 percent increase compared to June 2015. Median price rose 8.2 percent to $295,500 during the same time frame. Monthly housing inventory remained unchanged at 2.5 months, which is less than half of the Real Estate Center at Texas A&M University’s benchmark of 6.5 months as a balanced housing market.
“The Central Texas housing market is performing very well, but extreme housing shortages across the region continue to be a challenge,” said Jim Gaines, Chief Economist at the Real Estate Center at Texas A&M University. “Homes under $300,000 have less than two months of inventory in the Austin-Round Rock MSA, which means that housing at these price ranges is essentially nonexistent. The growing “donut effect” of homes sales activity as homebuyers move outside Austin city limits in search of more affordable housing is on pace to continue in the near future."
The Austin Board of REALTORS® (ABoR) builds connections through the use of technology, education and advocacy to strengthen the careers of its 11,000 members and improve the lives of Central Texas families. We empower Austin REALTORS® to connect their clients to the region’s most complete, accurate and up-to-date listings data. For more, contact the ABoR Department of Public Affairs at firstname.lastname@example.org or 512-454-7636. For the latest local housing market listings, visit AustinHomeSearch.com.