According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS® (ABoR), Austin-area single-family home sales and prices hit an all-time high for the month of September. Home sales increased by seven percent year-over-year to 2,603 home sales and median price increased eight percent year-over-year, reaching $258,000 in September 2015.
Barb Cooper, 2015 President of the Austin Board of REALTORS®, explained, “While current demand bodes well for home sales throughout the rest of year, affordability issues continue to impact Austin-area homebuyers. Fortunately, we have two strong solutions on the November ballot to help increase housing affordability and support Central Texas infrastructure growth.”
On next month’s ballot, Proposition 1 would permanently lower the cost of homeownership in Texas by raising the homestead exemption from $15,000 to $25,000 for most homeowners and from $25,000 to $35,000 for homeowners who are disabled or over the age of 65. That change would mean a permanent property tax reduction of $125 per year for the average Texas homeowner. Additionally, Proposition 1 would create a permanent ban on real estate transfer tax, protecting Texas’ housing affordability in the future.
The Austin Board of REALTORS® also supports Proposition 7, which will bring increased funding for Texas transportation projects and ensure future sustainability of the state’s infrastructure by closing the gap on the $5 billion in transportation needs that go unmet each year.
“We need a combination of property tax relief, broader development of medium-density housing options, and funding for transportation projects to have a lasting impact on Central Texas affordability and infrastructure,” added Cooper. “Central Texas REALTORS® urge Austin-area voters to vote ‘yes’ on November 3 for both Proposition 1 and Proposition 7 to help ensure Texas is an affordable place to live and work in the future.”
According to September’s MLS report, the average price for Austin-area single-family homes increased five percent to $324,150 in September 2015.
New listings increased 11 percent to 2,860 listings and active listings increased by four percent year-over-year to 6,759 listings. In addition, pending sales increased nine percent to 2,391 single-family home sales. Homes remained on the market for an average of 47 days in September 2015, three more days than September 2014.
Monthly housing inventory remained unchanged compared to September 2014, staying flat at 2.8 months. Housing inventory remains at less than half of what the Real Estate Center at Texas A&M University considers a balanced housing inventory level of approximately 6.5 months.
September 2015 Statistics
- 2,603 – Single-family homes sold, seven percent more than September 2014.
- $258,000 – Median price for single-family homes, eight percent more than September 2014.
- $324,150 – Average price for single-family homes, five percent more than September 2014.
- 47 – Average number of days single-family homes spent on the market, three more days than September 2014.
- 2,860 – New single-family home listings on the market, 11 percent more than September 2014.
- 6,759 – Active single-family home listings on the market, four percent more than September 2014.
- 2,391 – Pending sales for single-family homes, nine percent more than September 2014.
- 2.8 – Months of inventory* of single-family homes, unchanged from September 2014.
- $843,762,450 – Total dollar volume of single-family properties sold, 13 percent more than September 2014.
The following sections describe trends in other sectors of the Austin-area real estate market.
Townhouses & Condominiums
The number of townhouses and condominiums (condos) sold in the Austin area in September 2015 was 269, an 11 percent increase from September 2014. The median price for condos was $220,250, which is eight percent more than the same month of the prior year. These properties spent an average of 40 days on market, unchanged from September 2014.
In September 2015, a total of 1,593 properties were leased in Austin, which is 15 percent more than September 2014. Properties spent an average of 38 days on the market, or two fewer days than in September 2014. Active property listings increased by four percent compared to September 2014, reaching 1,937 listings.
* The inventory of homes for a market can be 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.