The full Austin Metropolitan Statistical Area saw rising prices last month, as the region’s median price reached a record $365,000. The volume of sales is also up; for the third month running, the region saw a double-digit increase in the number of complete sales, for a total of 3,780 sales.
“The continued stability and strength of our market will be crucial heading into 2021,” ABoR President Romeo Manzanilla said in a Nov. 19 news release. “As we come to the end of a challenging year, I’m proud of the work that Austin Realtors have done to stabilize and grow our market.”
However, Manzanilla also stressed that high prices present mounting hurdles to affordable home ownership in Austin. Following the passage of Propositions A and B, which represent billions of investment in public transportation in Austin, Manzanilla said he hopes City Council will focus on affordable housing solutions in cooperation with ABoR and the local housing industry.
“With a major transportation solution for our region now in place, we expect Austin City Council will turn their attention to the housing affordability crisis, which has only worsened during the pandemic,” he said.
Low housing supply is a driving factor behind the city’s rising home prices. The city of Austin had just 1.2 months of housing inventory at the end of October, down by 0.4% from the previous month. Central Austin has more inventory—2.6 months' worth—due to its high concentration of condominiums. Single-family houses have been in higher demand than condos during the pandemic.