Recent data from the Austin Board of Realtors shows an increase in Cedar Park and Leander home sales, as well as the median price per home, in the month of March.

Home sales in the two cities have increased 6.5 percent year-over-year in March, and the median price rose 4.1 percent to $291,500, according to ABOR's March 2017 Central Texas Housing report. In Austin, single-family home sales increased 1.2 percent year-over-year.

The report analyzes a growing disparity between housing price classes and highlights the need for updated policies to meet market demand and the need for broader housing across central Texas, according to ABOR.

“Growing disparities in housing market conditions at all levels of pricing represent an urgent and immediate need to fill the 'missing middle' in the region’s housing stock,” said Brandy Guthrie, 2017 President of the Austin Board of Realtors.

While Cedar Park, Leander and the city of Austin saw increases, single-family home sales in the Austin-Round Rock Metropolitan Statistical Area declined 1.4 percent year-over-year to 2,509 home sales. That area spans from Georgetown to San Marcos.

The monthly inventory for single-family homes priced $250,000 or less in the city of Austin was less than half a month in March, and single-family homes priced between $150,000 and $250,000 spent less than one month on the market. During the same time frame, Austin single-family homes priced $500,000 and higher spent more than 60 days on the market and posted significantly higher inventory levels.

Jim Gaines, chief economist for The Real Estate Center at Texas A&M University, said as population grows and residents continue to want to be near activities, demand is created for greater density.

"Without more housing, homebuyers and developers are forced to look outward; but there are often many ways that existing residential neighborhoods can be zoned to allow for greater infill,” he said.

Guthrie said ABOR looks to work with policymakers and the community at large to continue to refine land development codes to allow for diverse and affordable housing.

For more information on the report, visit ABoR.com/statsmar17.