Home sales in the city of Austin slowed in 2018, but the total dollar volume still topped the charts.
Median home prices rose 4.1 percent in the city of Austin for 2018 compared to the previous year, according to data released Jan. 22 by the Austin Board of Realtors.
Home sales within the city limits remained flat, however, even as the median home price increased.
In December 2018, the median home price increased 6.2 percent year-over-year while the number of sales decreased 17.3 percent, to 669 sales, over the same period.
Growth in the city outpaced that in both the Austin-Round Rock metro, which saw median home prices increase 3.6 percent annually, and Travis Country, which saw median home prices increase 2.9 percent.
"2018 was the highest-grossing year on record," ABoR President Kevin P. Scanlan said in a news release. "While much of the region is benefitting from these higher numbers, increasing home prices are forcing families out of the city of Austin. This phenomenon is leader to lower enrollment in schools and could lead to decreased property tax revenue and budget shortfalls."
Here’s a look at how the area real estate market fared in 2018:
The median home price of homes in the Austin metro remained relatively stable.
Overall, the number of homes sold in the Austin metro area saw minimal increases.
Homes continue to become less affordable in the Austin-Round Rock metropolitan statistical area. The total dollar volume of homes sold in 2018 grew at a faster rate than the number of homes that sold. The dollar volume numbers across the board broke records, according to ABoR. In the Austin metro, 30,713 homes were sold, bringing in $11.9 billion in sales. In 2017, 30,059 homes were sold, bringing in $11.2 billion in sales.
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