According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS® (ABoR), the Austin housing market experienced its highest-performing month to date in terms of home sales.
According to the report, 3,135 single-family homes were sold in the Austin area, which is 35 percent more than July 2012. On average, homes spent 41 days on the market, which is a decrease of 23 days from one year prior.
Cathy Coneway, 2013 Chairman of the Austin Board of REALTORS®, explained, “The record number of sales in July can be traced back to Austin’s job growth and strong economy. The expected rise in mortgage rates may have also encouraged buyers to act now. As home builder’s work to meet demand we can expect home prices to steadily increase, which could price many out of the area.”
In July 2013, the median price for Austin-area homes increased to $228,250, which is eight percent more than the same month in 2012. Additionally, the market featured 2.8 months of inventory in July 2013, which is 1.5 months less than July 2012.
The total dollar volume of single-family properties sold was $933,242,475, or 43 percent higher than the same month last year. The market also featured 22 percent more new listings, 20 percent fewer active listings and 20 percent more pending sales in July 2013 compared to the prior year.
Coneway concluded, “The housing affordability bond package, up for vote in November, is a key component to maintaining a healthy housing supply and ensuring future economic growth for Austin. Our community is at its strongest when there is a steady supply of affordable housing for everyone who calls Austin home.”
July 2013 Austin Real Estate Market Statistics
- 3,135 – Single-family homes sold, 35 percent more than July 2012.
- $228,250 – Median price for single-family homes, eight percent more than July 2012.
- 41 – Average number of days single-family homes spent on the market, 23 days fewer than July 2012.
- 3,523 – New single-family home listings on the market, 22 percent more than July 2012.
- 6,104 – Active single-family home listings on the market, 20 percent fewer than July 2012.
- 2,773 – Pending sales for single-family homes, 20 percent more than July 2012.
- 2.8 – Months of inventory* of single-family homes, 1.5 months less than July 2012.
- $933,242,475 – Total dollar volume of single-family properties sold, 43 percent more than July 2012.
The following sections describe trends in other sectors of the Austin real estate market.
Townhouses & Condominiums
The volume of townhouses and condominiums (condos) purchased in the Austin area in July 2013 was 361, which is 31 percent more than July 2012. In the same time period, the median price for condos was $180,000, which is four percent less than the same month of the prior year. When compared to July 2012, these properties spent 20 percent less time on the market, or an average of 47 days.
In July 2013, a total of 2,103 properties were leased in Austin, which is nine percent more than July 2012. The median price for Austin-area leases was $1,400, which is four percent more than the same month of the prior year.
The Austin Board of REALTORS® (ABoR) is a non-profit, voluntary organization dedicated to educating and supporting Central Texas REALTORS®. ABoR proudly serves more than 9,000 members, promotes private property rights, and provides accurate, comprehensive property listing information for the Greater Austin area. Home sales statistics are released by ABoR on a monthly basis.
* The inventory of homes for a market is measured in months, which is defined as the number of active listings divided by the average sales per month of the prior 12 months. The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.