Housing market

Austin Metro Housing Market Still Very Strong – newsradioklbj.com

Summary

The Austin-Round Rock metropolitan housing market remains on track for a record breaking year, even as the market continues its calming trend.  According to the Austin Board of Realtors October report, home sales across the area decreased 12.1% to 3,250 closings compared to October 2020 as the median sales price grew 24.7% year over year to $455,000 setting a record for the month of October.

“We are beginning to see a glimpse into what buyers and sellers can expect in our housin…….

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The Austin-Round Rock metropolitan housing market remains on track for a record breaking year, even as the market continues its calming trend.  According to the Austin Board of Realtors October report, home sales across the area decreased 12.1% to 3,250 closings compared to October 2020 as the median sales price grew 24.7% year over year to $455,000 setting a record for the month of October.

“We are beginning to see a glimpse into what buyers and sellers can expect in our housing market moving forward,” Susan Horton, 2021 ABoR president, said. “More new listings are hitting the market, a trend that we have seen continuously for the past eight months, and when coupled with fewer closings across the MSA, prospective buyers have more options. With the market remaining stable — but still on track for a record year — it is an exciting time for REALTORS® who continue to be the best advisers to both buyers and sellers when it comes to navigating one of the most desirable housing markets in the country.”

Jon Hockenyos, president, TXP, Inc. — an economic analysis and public policy consulting firm — offered insight into why the market remains competitive and looks to signs of the supply chain rebounding which could help with new housing developments.

“While activity appears to have leveled off somewhat in recent months, Austin’s residential real estate market remains extraordinarily hot, as prices have risen drastically over the past year. Real estate in Austin remains a seller’s market as historically low interest rates, strong in-migration, a rapidly recovering local economy and unprecedented stimulus all drive up the demand for housing. When the lowest inventory on record is factored into the mix, it’s clear that price pressures are unlikely to ease any time soon. Hopefully, the coming months will bring more supply to the market, as materials shortages ease and new development occurs.”

Horton reaffirmed the importance of the community and elected officials working together towards increasing housing inventory across all price levels.

“We are pleased to hear the Austin City Council will be meeting to discuss housing supply and affordability, a topic that has become increasingly more important in our region. We encourage local leaders to take action to increase our city’s housing capacity to ensure there are opportunities for home ownership for individuals and families across all demographics in the future.”

 City of Austin

In the city of Austin, the median home price rose 21.1% year over year to $536,000­­––a record for the month of October. Home sales decreased 11.7% to 1,062 sales, while sales dollar volume increased 2.2% to $704,910,050. During the same period, new listings decreased 8% to 1,236, active listings dropped 17.9% to 1,101, while pending sales increased 2.5% to 1,209. Monthly housing inventory decreased 0.3 months year over year to 1.0 months of inventory.

Travis County

At the county level, home sales also decreased 16.9% to 1,569 sales, and sales dollar volume dropped 3.9% to $1,035,465,570. The median price for a home …….

Source: https://www.newsradioklbj.com/austinlocalnews/austin-metro-housing-market-still-very-strong/