For the second month in a row, the area has reported strong home sales with a 21.5% year-over-year sales increase in July, with 4,537 homes sold across the five-county MSA, it said.
“July was a very encouraging month for the Central Texas housing market,” ABoR President Romeo Manzanilla said in a news release. “Strong home sales, combined with an increase in new listings and pending sales, are important benchmarks when analyzing the health of our market, [and] a healthy housing marketing is vital to the overall economic recovery in the region.”
Georgetown saw a spike in growth during the month of July with a year-over-year increase of 34.7% in residential homes sales, including single-family housing, condominiums and townhomes, data shows.
A total of 427 home sales were closed, and the median price increased 4.5% year over year to $325,000, data shows.
In Williamson County, residential sales increased by 24.5% to 1,530 sales, the report said.
The median price increased by 10.5% to $314,995, and the number of new listings also increased by 6.5% to 1,450 listings, it said.
The housing inventory declined 1.1 months year over year to 1.5 months of inventory, it said.
Homes across the MSA spent an average of 44 days on the market, three fewer days than in July 2019, and housing inventory fell by a full month to 1.7 months of inventory, the release said.
Manzanilla also noted that this extremely low level of inventory, when paired with continued demand across the region, has led to rising home prices, creating a very strong seller’s market.
“Our market is now ultra-competitive because of our dangerously low inventory and that is cause for concern over the long-term,” he said. “The jobs pipeline into Austin continues to create new economic opportunities and a double-digit percentage gain in new listings in July, coupled with buyers continuing to take advantage of historically low interest rates, allows us to be cautiously optimistic about the remainder of 2020.”