August residential sales for the county also increased by 13.5% with 1,343 sales, it said.
Mark Sprague, the state director of information capital at Independence Title, said in a news release that although Austin-area home sales dipped in early spring, the region’s real estate market as a whole has endured.
"It’s safe to say that August numbers solidify that Austin’s housing market has fully rebounded," he said. "And, as long as we continue to see more job creation, we’ll likely see strong home sales throughout the remainder of the year.”
While the county saw growth in dollar volume, new listings decreased 6.3% to 1,154 listings year over year, and active listings dropped 54% to 1,111 listings year over year, data shows.
But the median August home price rose 5.7% to $307,500 year over year and pending sales jumped 33.7% to 1,487 pending sales, it said. Housing inventory declined 1.4 months year over year to 1.1 months of inventory, it said.
The Austin-Round Rock metropolitan statistical area real estate market also continues to remain strong.
Across the five-county MSA, home sales experienced a 12.9% year-over-year increase, and dollar volume jumped 35.3% to nearly $1.9 trillion, data shows.
“The pandemic has put our market in a unique situation. As more people are working from home and have the opportunity to relocate, Austin-area homes are selling faster now than ever before,” ABoR President Romeo Manzanilla said in the release. “Austin’s popularity has left the market with critically low levels of housing supply, which continues to drive home prices up.”
Georgetown saw an increase in year-over-year residential home sales by 23.4%, data shows. This includes single-family housing, condominiums and townhome sales, it said.
A total of 390 home sales were closed, it said.
The median price, however, only increased slightly by 0.3% to $315,000, data shows. Georgetown currently has 1.7 months of inventory.
“We started this year with a lack of inventory, and we’re going to end this year with a lack of inventory. Inadequate housing stock is going to be the main issue that holds the market back,” Sprague said.