Central Texas home sales increased 6 percent from February 2018 to February 2019, according to a March 14 report from the Austin Board of REALTORS.
The increase in sales was accompanied by a rise in both active listings and housing inventory, which signals the area housing market “continues to move toward greater balance,” per the report.
Across the Austin-Round Rock metropolitan statistical area, the median home price decreased 0.3 percent, from $296,000 in February 2018 to $295,000 in February 2019.
“While demand remains strong due to population growth, this is no longer a market where homes sell significantly above listing price,” ABoR President Kevin Scanlan said. “Housing affordability challenges might be limiting what consumers are able to pay for a home.”
In Travis County, home sales and median home price both increased year-over-year.
There were 986 sales in February 2019, up 1.5 percent from February 2018. The median home price increased 1.2 percent over the same period, to $344,000.
New listings also increased 5.8 percent, active listings increased 10.8 percent and pending sales increased 11.8 percent, per the report.
In the city of Austin, home sales increased 7.3 percent, to 649 sales, in February 2019. The median home price decreased slightly, down 1.6 percent to $360,000.
This is a change from earlier reports released in January, which found home sales in the city of Austin grew only slightly, while the median home price rose 4.1 percent compared to the previous year.
New listings in the city of Austin increased 1 percent from last February, active listings increased 7.3 percent and pending sales increased 13.4 percent, per the March 14 report.
Scanlan attributed the growth, in part, to the growing tech sector in North Austin—Apple recently announced it would build a $1 billion campus in the area—as well as increased interest in living close to one’s work.
“We’re seeing a lot of development in North Austin, as major tech employers are looking for space with ample room for housing development and access to major transportation arterials,” Scanlan said. “Mobility has become such a problem that employees want to live closer to where they work, if they can afford to move.”