Central Texas home sales jumped 9 percent year over year in May, while the median sales price rose 8 percent, to $310,000, the Austin Board of Realtors said Thursday.
The dollar volume of May’s 3,170 home sales topped $1.2 billion, making May the highest-grossing month in the region’s history, the board said in its latest monthly report. May also was the first time this year that sales volume exceeded the $1 billion mark, the board said.
“Housing demand continues to be at an all-time high in and around Austin, indicated by steady growth in home sales and prices, listing activity and housing inventory,” Brandy Guthrie, president of the Austin Board of Realtors, said in a written statement.
The strong gains in listings and supply, in particular, “are a positive sign that housing inventory could continue to increase throughout the aggressive summer selling season,” Guthrie said.
Within the city of Austin, the board reported 933 home sales, a 9.7 percent increase over May 2016.
Homes sales also were strong at the county level year over year, with single-family home sales soaring 14.8 percent in Hays County, 6.3 percent in Travis County and 8.3 percent in Williamson County.
The recent surge in sales, coupled with rising home prices, led to May’s record for dollar volume. The $1.2 billion in sales was an 18.4 percent increase over May 2016, the board said.
Along with the 8 percent jump in the median sales price for the Austin-Round Rock region, the median rose 8.6 percent within Austin’s city limits, to $380,000.
At the county level, Hays County’s median rose 10.4 percent, to $262,250; Travis County’s median climbed 8.5 percent, to $371,000; and Williamson County’s median was up 6.5 percent, to $284,375.
The board said active listings surged 22 percent year over year, to 6,972 listings; new listings jumped 15 percent, to 4,369 listings; and pending sales rose 7.7 percent, with 3,437 sales in the closings pipeline.
Inventory also continued to rise in May, increasing to 2.8 months of supply across the five-county metro. However, there’s generally less than a one-month supply of homes priced under $250,000, Guthrie said, and the housing stock that’s being added is increasingly at higher price points.
“Rising property values and housing development costs are rapidly causing an upward shift in the price range of residential real estate available within Austin and across the region,” Guthrie said.