Record home sales and prices highlighted a record February in the Austin real estate market.

Home sales and prices have never been higher in February, according to data released March 20 from Austin Board of Realtors. There were 1,761 single-family homes sold in the Austin area in February, a 9 percent increase from the same time last year. Also, median home values increased to $230,530, representing an 11 percent gain from February 2013.

"The Austin-area housing market continues to be strong, and home buyers remain aggressive," said Bill Evans, 2014 president of the Austin Board of Realtors, in a news release. "Sales are increasing year-over-year and rising home starts have begun to offset Austin's shrinking housing inventory."

Home inventory remains at January's historic low level of 2 months, which is down from 2.6 months of projected inventory in February 2013. However, data from a Metrostudy report suggests Austin home starts are on pace in 2014 to exceed last year's six-year high.

"Austin needs to be aggressive in the promotion of housing development policies that contribute to a consistent, healthy increase of housing stock for all members of our community," Evans said.

Austin-area homes remain on the market an average of 55 days, according to February figures. That is down 16 days from the same time in 2013, according to Austin Board of Realtors.

February 2014 Statistics

1,761 – Single-family homes sold, nine percent more than February 2013.

$230,530 – Median price for single-family homes, 11 percent more than February 2013.

$293,746 – Average price for single-family homes, 12 percent more than February 2013.

55 – Average number of days single-family homes spent on the market, 16 days fewer than February 2013.

2,544 – New single-family home listings on the market, one percent fewer than February 2013.

4,724 – Active single-family home listings on the market, eight percent fewer than February 2013.

2,118 – Pending sales for single-family homes, five percent fewer than February 2013.

2.0 – Months of inventory* of single-family homes, 0.6 months less than February 2013.

$517,286,706 – Total dollar volume of single-family properties sold, 21 percent more than February 2013.

Source: Austin Board of Realtors