Austin’s real estate market remains steady despite economic setbacks triggered by the coronavirus pandemic.

Residential home sales increased 12.9% year over year in the Austin-Round Rock metropolitan statistical area, according to the Austin Board of Realtors’ August market analysis.

Additionally, sales dollar volume spiked to $1.89 billion, reflecting a 35.3% increase compared to the previous year. Median prices and pending sales also saw double-digit increases. As inventory continues to decline, 2020 ABoR President Romeo Manzanilla said Austin-area homes are selling faster than ever before.

In August, active listings dropped in the five-county metropolitan area by nearly 45%. New listings experienced a minor year-over-year increase of 1%.

“Austin’s popularity has left the market with critically low levels of housing supply, which continues to drive home prices up,” Manzanilla said.

The region’s popularity is reflected by a decrease in days on the market. Homes throughout the MSA spent approximately 42 days on the market, which is 10 days fewer than in August 2019.

The same holds true for sales in the Lake Travis-Westlake area. Though homes in the region spent about 55 days on the market—slightly higher than the MSA average—inventory remains low.

As of August, the area holds about 1.9 months of inventory, which is below the Real Estate Center at Texas A&M University’s benchmark of six months to maintain a balanced housing market.

Lake Travis-Westlake residential home sales increased by 42% in August and dollar volume by more than 84%. Median prices are also up by 15% when compared to August 2019.