Austin-Round Rock metro on track to break annual home sales record in 2018

Home sales in the Austin-Round Rock metro area are on track to break a new record in 2018, per the Austin Board of Realtors.

Home sales in the Austin-Round Rock metro area are on track to break a new record in 2018, per the Austin Board of Realtors.

The Austin-Round Rock Metropolitan Statistical Area is on track to break another annual sales record in 2018 despite slowing sales and flat supply in the city of Austin, according to the Austin Board of Realtors’ November market report.

“Sales are up 3.3 percent year-to-date for 2018,” ABoR President Steve Crorey said in a Dec. 19 news release. “Pending sales volume in December, the Central Texas housing market is on track to have one of the highest-grossing years on record.”

The metro area saw a slight increase—0.7 percent—in the number of home sales year-over-year in November 2018. Last month 2,201 homes were sold compared to 2,185 in November 2017.

Total sales amounted to more than $839 million, a 5.6 percent increase year-over-year, and the median home price rose 2.2 percent to $301,391.

In the city of Austin and Travis County, however, home sales decreased 5.4 percent and 0.5 percent year-over-year, respectively.

In Austin the housing supply dropped, with new listings, active listings, pending sales and monthly housing inventory all seeing decreases.

The median home price rose 5 percent, to $374,900.

In Travis County housing supply saw few changes year-over-year, but the median home price similarly rose by 5.4 percent to $355,000.

“Families and young professionals continue to move to the suburbs where there are more opportunities for home ownership at a more reasonable price point than in the city of Austin,” Crorey said in the release. “While home sales growth isn’t as rapid in the city, demand is still strong.”

Increasing sales elsewhere have balanced the supply shortage in Austin and Travis County, leading to the overall growth in the metro area.

During the month of November, Williamson County saw a 4.5 percent increase in the number of home sales and a 1.8-percent increase in the median home price, which is now $280,000.

New listings in the county increased 4.9 percent, to 798 listings, and active listings jumped 20.8 percent to 2,499 listings.

In Hays County home sales rose 1.9 percent in November and the median home price increased 2.8 percent, to $262,047.

Active listings and pending sales in Hays County both saw double-digit increases year-over-year, with active listings increasing 15.9 percent to 950 listings and pending sales jumping 21.1 percent to 287 pending sales.