BILLION-DOLLAR MARK REACHED: Austin-area home sales jump 9 percent in May


Highlights

Dollar volume of Central Texas home sales tops $1.2 billion, an all-time high.

Sales and median price also climb in Travis, Hays and Williamson counties.

Median sales price in Austin’s city limits hit $380,000 in May, an 8.6 percent increase year-over-year.

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.



Reader Comments ...


Next Up in Business

Former VP Al Gore applauds Georgetown’s focus on renewables
Former VP Al Gore applauds Georgetown’s focus on renewables

Former Vice President Al Gore delivered more warnings about the threat of global climate change at a renewable energy conference in Georgetown on Monday, before holding up the Central Texas city as an example of the progress being made to alleviate the crisis. Georgetown is the first and only city in Texas to operate solely on renewable energy. It...
Squeezed by costs, Threadgill’s looks for way back from the brink
Squeezed by costs, Threadgill’s looks for way back from the brink

Is Threadgill’s closing? Maybe. Or maybe not. Owner Eddie Wilson said rising property taxes, rent and insurance totaling $38,000 a month – a more than 500 percent increase in the past five years, he said — have made it difficult to keep open his Threadgill’s World Headquarters restaurant and concert venue just south of downtown...
Squeezed by costs, Threadgill’s looks for way back from the brink
Squeezed by costs, Threadgill’s looks for way back from the brink

Is Threadgill’s closing? Maybe. Or maybe not. Owner Eddie Wilson said rising property taxes, rent and insurance totaling $38,000 a month – a more than 500 percent increase in the past five years, he said — have made it difficult to keep open his Threadgill’s World Headquarters restaurant and concert venue just south of downtown...
In Central Texas visit, Gore applauds Georgetown’s focus on renewables
In Central Texas visit, Gore applauds Georgetown’s focus on renewables

Former Vice President Al Gore delivered more warnings about the threat of global climate change at a renewable energy conference in Georgetown on Monday, before holding up the Central Texas city as an example of the progress being made to alleviate the crisis. Georgetown is the first and only city in Texas to operate solely on renewable energy. It...
5 surefire ways to get to retire earlier than you thought
5 surefire ways to get to retire earlier than you thought

Retirement can seem like a difficult goal to reach, so the thought of achieving it early may seem downright impossible. But getting to retirement quicker doesn't require genius-level investing knowledge or extreme deprivation. With a plan, hard work and discipline, you may be able to get there sooner rather than later. Consumer adviser Clark Howard ...
More Stories