Home sales in nearby Austin also dropped, as the city saw an increase in the median price of single-family homes and housing inventory was “critically low,” according to an April 17 ABoR statement.
“In March, new listings, active listings and pending sales all declined, but the median price increased,” ABoR President Kevin Scanlan said in the statement. “We need a solution to the ongoing affordability and inventory crisis, which is why a more a more flexible land development code that allows for more housing at affordable price points is imperative.”
ABoR threw its support behind a new land-development code in Austin, a process underway in the city.
In Leander, the number of March single-family home sales dropped by 7.2% year over year, according to ABoR data. So far this year, single-family closings have fallen 15.5% percent in Leander.
"The decrease in Leander home sales is largely due to a decrease in newly built homes," ABoR told Community Impact Newspaper. "The sale of newly constructed single-family homes decreased by 27% in Leander this March."
Of the 116 single-family home sales in Leander, 43 were new constructions. The median single-family home price of $285,990 in March was slightly below the median price last year, according to the ABoR data.
Meanwhile, Cedar Park single-family home sales grew by 22.1% year over year in March, according to the data. Year to date, single-family closings have grown by 8%.
"In Cedar Park, sales of new construction remained flat, however there were more existing homes that sold compared to last year (indicating more people in Cedar Park put their homes on the market)," ABoR said in a statement.
The median single-family home price rose to $338,507 in March, a 9.1% increase over March 2018. Only 9 of the 105 single-family homes sold were new constructions, according to ABoR.