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Home Sales in The City of Austin on the Rise in October, But Decline in the Suburbs

Friday, November 18th, 2016 at 9:12am Engel & Völkers Austin

As we head towards the holiday season Austin home sales declined everywhere except within the city of Austin where home sales were up 7.5 percent year-over-year.  Average prices though were up across the board as demand is still high across Central Texas.  Engel & Volkers Austin CEO Michele Turnquist said " We expect prices to continue rising across the city and surrounding suburbs as we head into 2017, but some relief for buyers could be on the way in 2017.  Home builders across the Central Texas have kicked into high gear and we are expecting thousands of new homes to be completed."  

After relatively flat growth throughout much of the year, single-family home sales in the city of Austin jumped 7.5 percent year-over-year to 703 home sales in October 2016. Median price increased 6.5 percent year-over-year to $332,250, while housing inventory increased 0.2 months to 2.2 months. Active listings increased 11.3 percent year-over-year to 1,667 listings during the same time frame, while homes spent slightly more time on the market, or an average of 42 days.

Conversely, single-family home sales fell across the Austin-Round Rock MSA in October 2016, declining 3.1 percent year-over-year to 2,219 home sales. Median price rose 9.3 percent from October 2015 to $279,000, while housing inventory edged up 0.1 months year-over-year to 2.6 months of inventory. Single-family homes spent an average of 51 days on the market in October 2016, two days more than October 2015.

Single-family home sales in Hays County were flat in October 2016, increasing 0.8 percent year-over-year to 258 home sales. The median price for single-family homes in Hays County jumped 17.5 percent to $249,945 in October 2016. Largely in part to active ongoing housing development throughout the area, housing inventory increased 0.4 months to 3.1 months of inventory in October 2016, while active listings for single-family homes jumped 17.6 percent year-over-year to 874 active listings.

The largest annual decline in home sales in October 2016 was in Williamson County, where single-family home sales fell 12.2 percent year-over-year to 744 home sales. The median price for single-family homes in Williamson County increased 7.1 percent year-over-year to $255,000, while housing inventory fell 0.1 months from October 2015 to 2.2 months of inventory. Active listings for single-family homes in Williamson County remained flat in October 2016 at 1,859 active listings, an increase of 0.5 percent from October 2015.

Read more on the home market at the Austin Board of REALTORS® (ABoR)

Graphic courtesy of Austin Board of REALTORS®

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