Lake Travis-Westlake home sales slow in February as median, average prices rise

Sales of single family homes in the Lake Travis/Westlake area slowed a bit during February although the median and average residential prices increased year-over-year.

Sales of single family homes in the Lake Travis/Westlake area slowed a bit during February although the median and average residential prices increased year-over-year.

Single-family home sales in the Lake Travis-Westlake area decreased almost 14 percent year-over-year in February, according to a report issued yesterday by the Austin Board of Realtors.

However, single-family median home prices increased by almost 10 percent year-over-year in the area to $500,000, and average prices saw an uptick of almost 20 percent to $725,379 during the same time period, the report states.

“Low inventory levels, high home prices and slowing job growth across the region are preventing a resurgence of the record-breaking numbers experienced the last two year, but overall the region’s housing market remains very strong,” said Mark Sprague, state director of information capital for Independence Title.

In the Austin-Round Rock region, single family home sales were stagnant in February, increasing just under 1 percent year-over-year, but average prices of those homes soared by 8 percent year-over-year during that time to $356,470 with median prices rising by 6.5 percent to $287,000, pursuant to the report.

“Home sales growth in the city of Austin is currently being driven by the sales of single-family homes priced $750,000 and higher, particularly within the luxury housing market,” ABoR president Brandy Guthrie said in the release.