Single family, townhome and condominium sales increased in June 2015 compared to June 2014.[/caption]
June proved to be a successful month for Austin's real estate market, which recorded the highest volume of homes sold since July 2013.
A 5 percent increase in home sales occurred in June 2015 compared with the same month last year with 3,051 homes sold. Home sales in 2015 are on pace to beat the record sales mark set in 2014, according to the Austin Board of Realtors.
“June’s increased home sales, combined with total dollar volume exceeding $1 billion for the first time ever, shows the amazing equity Austin homeowners have in the market and the powerful impact of real estate in Central Texas," said Barb Cooper, president of ABoR, in a statement. "However, this increase heightens the need to replenish and expand housing stock to help achieve sustainable growth.”
The median price for Austin-area single-family homes increased 8 percent year-over-year to $272,250, and average price increased 2 percent to $333,866 during the same time frame, according to an ABoR news release. Less than three out of 10 single-family homes sold in the Austin area were priced below $200,000, according to ABoR data.
The median price rose to $263,000, a 10-percent increase from last year, and the average price rose to $331,766, an increase of 8 percent.
While the number of active listings increase by 4 percent compared with June 2014, only 2.8 months of inventory is currently on the market. The Real Estate Center at Texas A&M University estimates a balanced housing market typically has 6.5 months of inventory.
June townhome and condominium sales also increased compared with June 2014. The median price for townhomes and condos was $234,500, or 11 percent higher than last year.
A total of 1,861 properties were leased in Austin this June, which is 14 percent more than June 2014. The median price for Austin-area home leases was $1,600, 7 percent higher than in June 2014, according to the release.
Single family, townhome and condominium sales increased in June 2015 compared to June 2014.[/caption]
June proved to be a successful month for Austin's real estate market, which recorded the highest volume of homes sold since July 2013.
A 5 percent increase in home sales occurred in June 2015 compared with the same month last year with 3,051 homes sold. Home sales in 2015 are on pace to beat the record sales mark set in 2014, according to the Austin Board of Realtors.
“June’s increased home sales, combined with total dollar volume exceeding $1 billion for the first time ever, shows the amazing equity Austin homeowners have in the market and the powerful impact of real estate in Central Texas," said Barb Cooper, president of ABoR, in a statement. "However, this increase heightens the need to replenish and expand housing stock to help achieve sustainable growth.”
The median price for Austin-area single-family homes increased 8 percent year-over-year to $272,250, and average price increased 2 percent to $333,866 during the same time frame, according to an ABoR news release. Less than three out of 10 single-family homes sold in the Austin area were priced below $200,000, according to ABoR data.
The median price rose to $263,000, a 10-percent increase from last year, and the average price rose to $331,766, an increase of 8 percent.
While the number of active listings increase by 4 percent compared with June 2014, only 2.8 months of inventory is currently on the market. The Real Estate Center at Texas A&M University estimates a balanced housing market typically has 6.5 months of inventory.
June townhome and condominium sales also increased compared with June 2014. The median price for townhomes and condos was $234,500, or 11 percent higher than last year.
A total of 1,861 properties were leased in Austin this June, which is 14 percent more than June 2014. The median price for Austin-area home leases was $1,600, 7 percent higher than in June 2014, according to the release.
