The price for an Austin-area home reaches an all time high.[/caption]
Single-family homes in the Austin area reached an all time high in prices during March.
The median price for Austin-area single-family homes was $255,000 in March, a 10-percent increase from home prices in March 2014. The average price was $334,758, a 13-percent increase from the same time last year, according to the Austin Board of Realtors, or ABoR.
The number of homes sold also increased during March. In the Austin area, 2,440 homes were sold, a 13-percent increase from March 2014, according to ABoR.
More than half of the homes sold in the Austin area were outside of Austin's city limits, with a majority of sales occurring in Round Rock, Pflugerville, Georgetown, the Cedar Park-Leander area and the Kyle-Buda area, according to ABoR.
"The Austin-area housing market is the least affordable it has ever been," said Barb Cooper, 2015 ABoR president, in a news release. "Solving Austin's affordability issues is not only dependent upon generating new, affordably-priced housing stock, but also preserving and maintaining Austin's existing housing stock."
Housing inventory remains at 2.2 months, nearly three times less than the recommended 6.5 months of inventory necessary for a balanced housing market, according to Texas A&M University's Real Estate Center.
The number of townhomes and condominiums sold decreased by 3 percent compared with March 2014. However, those units spent 10 fewer days on the market, according to ABoR. The number of homes leased increased by 12 percent, with an average rent of $1,500.
March 2015 Statistics
- 2,440 — Single-family homes sold, 13 percent more than March 2014.
- $255,000 — Median price for single-family homes, 10 percent more than March 2014.
- $334,758 — Average price for single-family homes, 13 percent more than March 2014.
- 55 — Average number of days single-family homes spent on the market, four days more than March 2014.
- 3,402 —New single-family home listings on the market, 6 percent more than March 2014.
- 5,274 — Active single-family home listings on the market, 6 percent more than March 2014.
- 2,812 — Pending sales for single-family homes, 5 percent more than March 2014.
- 2.2 — Months of inventory of single-family homes, statistically unchanged from March 2014.
- $816,809,520 – Total dollar volume of single-family properties sold, 28 percent more than March 2014.
The price for an Austin-area home reaches an all time high.[/caption]
Single-family homes in the Austin area reached an all time high in prices during March.
The median price for Austin-area single-family homes was $255,000 in March, a 10-percent increase from home prices in March 2014. The average price was $334,758, a 13-percent increase from the same time last year, according to the Austin Board of Realtors, or ABoR.
The number of homes sold also increased during March. In the Austin area, 2,440 homes were sold, a 13-percent increase from March 2014, according to ABoR.
More than half of the homes sold in the Austin area were outside of Austin's city limits, with a majority of sales occurring in Round Rock, Pflugerville, Georgetown, the Cedar Park-Leander area and the Kyle-Buda area, according to ABoR.
"The Austin-area housing market is the least affordable it has ever been," said Barb Cooper, 2015 ABoR president, in a news release. "Solving Austin's affordability issues is not only dependent upon generating new, affordably-priced housing stock, but also preserving and maintaining Austin's existing housing stock."
Housing inventory remains at 2.2 months, nearly three times less than the recommended 6.5 months of inventory necessary for a balanced housing market, according to Texas A&M University's Real Estate Center.
The number of townhomes and condominiums sold decreased by 3 percent compared with March 2014. However, those units spent 10 fewer days on the market, according to ABoR. The number of homes leased increased by 12 percent, with an average rent of $1,500.
