As the summer selling season of year's past has not occurred, along with a large increase of new home inventory. Across the Austin-area we are seeing inventory leveling and actually at its highest point since 2012! Home sales volume held steady across the Austin-Round Rock Metropolitan Statistical Area (MSA) in July, while housing inventory levels posted strong gains, according to the July 2017 Central Texas Housing Market Report released today by the Austin Board of REALTORS®.
In July 2017, single-family home sales volume in the Austin-Round Rock MSA increased 2.8 percent year-over-year to 2,892 home sales, while home sales within the city of Austin declined 2.5 percent year-over-year to 832 home sales. This dip in Austin’s home sales growth impacted Travis County at large, which experienced a 1.1 percent decline in home sales volume in July 2017, or 1,368 home sales. During the same month, single-family home sales volume jumped 15.3 percent to 376 home sales in Hays County and increased 2.3 percent to 1,004 home sales Williamson County.
Housing inventory levels surpassed 3.0 months of inventory in multiple markets in July 2017. In the Austin-Round Rock MSA, the monthly housing inventory levels for single-family homes increased 0.4 months to 3.2 months of inventory. At the county level, housing inventory increased 0.3 months year-over-year to 3.6 months in Hays County, increased 0.3 months to 3.2 months of inventory in Travis County, and jumped 0.6 months to 3.0 months of inventory in Williamson County.
Single-family housing inventory remained under 3.0 months in the city of Austin in July 2017, increasing only 0.1 months to 2.5 months of inventory. Despite strong gains in housing inventory last month, Central Texas housing inventory levels remain well under the 6.0-6.5 months of inventory the Real Estate Center at Texas A&M University cites as a balanced housing market.
Info and graphic courtesy of Austin Board of Realtors