ABoR representatives indicated in a news release that both sellers and first-time buyers might be feeling more favorable about the housing market as the usually-busy spring home buying season approaches and as new listings are concentrated among more affordable and attainable homes.
Breaking it down
Across the Austin-Round Rock-Georgetown Metropolitan Statistical Area, new home listings were up 44.9% year-over-year with 3,915 new listings. There were also three months worth of inventory—slightly up from last February—and 7,991 active home listings on the market, down 5.5%.
Median home prices and the number of homes sold were also both up year-over-year to $443,065 and 2,144 sales, respectively.
In Travis County, year-over-year:
- New home listings were up 42.8% with 1,958 new listings.
- Active home listings were up 12.8% with 3,920 listings.
- There were 3.2 months worth of inventory, up 0.6 months.
- Sales were up 1.1% with 953 homes sold.
- The median home price was up 0.1% to $500,000.
- New home listings were up 41.7% with 1,172 new listings.
- Active home listings were down 26.6% with 2,234 listings.
- There were 2.4 months worth of inventory, down 0.6 months.
- Sales were up 2% with 777 homes sold.
- The median home price was up 1.9% to $423,000.
- New home listings were up 56.4% with 549 new listings.
- Active home listings were down 8.1% with 1,289 listings.
- There were 3.4 months worth of inventory, down 0.3 months.
- Sales were down 6.5% with 290 homes sold.
- The median home price was down 1.6% to $385,000.
- New home listings were up 32.2% with 160 new listings.
- Active home listings were down 3.7% with 420 listings.
- There were 3.8 months worth of inventory, down 0.4 months.
- Sales were up 7% with 92 homes sold.
- The median home price was down 7.2% to $351,875.
ABoR housing economist Clare Losey said that February’s spike in new home listings was mostly found in more affordable homes, predominantly those under $400,000.
“Higher home prices and mortgage rates have diminished affordability for first-time homebuyers over the past few years, but February provided encouragement for these aspiring homeowners,” Losey said in a news release. “The increase in housing options presents a promising opportunity for Central Texans who want to become homeowners.”
ABoR president Kent Redding added that spring is typically a busy home-buying period in the Austin area.
“Over 35% of annual sales occur between March and June,” Redding said in the release. “Buyers are keen on securing homes before the fall and the upcoming school year in August, drawn out by the enhanced curb appeal and favorable weather conditions.”
