“The adverse effect of low housing stock within the Austin area is higher home prices,” ABoR President Kevin Scanlan said in a news release.
In September, single-family home sales in Austin increased 14.8% to 798 sales, while new listings remained flat and active listings decreased 24% to 1,274, according to the report.
Across Travis County, single-family home sales increased 10.6% to 1,267 in September. The median price for single-family homes increased 9.1% to $382,000, even as new listings increased 5.1% to 1,436, per the report.
Scanlan emphasized the need for an updated land-development code to help address Austin’s affordability crisis.
“As the anchor city of our region, Austin and its land-use code directly impact Central Texas’ ability to meet buyer demands for more housing that’s affordable,” Scanlan said.
ABoR CEO Emily Chenevert said the organization “will support a code that does not infringe on the private property rights of existing owners, embraces the unique character of our community and promotes all types of housing across the city.”
Austin City Council is scheduled to consider the latest version of its code rewrite at a Dec. 5 meeting.