Central Texas home sales edge higher in August


Highlights

Median home-sale price was $300,000, a 4 percent increase

Dollar volume tops $1 billion for fourth consecutive month

City of Austin’s median sale-price rises 2.7 percent, to $361,000

Central Texas home sales were up slightly in August year-over-year, and the median home-sale price rose 4 percent to $300,000, the Austin Board of Realtors said Tuesday.

Some local real estate agents say the market has cooled some, but they say demand remains strong.

The board said 2,994 houses changed hands in August, a 1 percent increase over August 2016. Half of the houses last month sold for more than $300,000 and half for less, for a 4 percent increase in the median price, which was the highest on record for August, the board said.

The board said May through August combined marked the highest-grossing summer-selling season Central Texas has seen, as dollar volume topped $1 billion for the fourth straight month.

Within Austin’s city limits, sales climbed 6.1 percent year-over-year, with 927 sales recorded. Half of those homes for more than $361,000 and half sold for less, for a 2.7 percent increase in the median price over August 2016.

By county, sales were up 0.9 percent in Travis and 0.3 percent in Williamson, but down 1.1 percent in Hays.

The median price in Travis County was $350,000, up 2.7 percent; $276,500 in Williamson County, up 6.4 percent; and $262,990 in Hays County, up 4.4 percent.

August saw continued gains in listings activity and pending sales across Central Texas, the board said. Listings soared 16.1 percent year-over-year, with 7,781 homes on the market, and pending sales were up 8.1 percent, with 2,710 sales in the pipeline to close.

Jim Gaines, chief economist for the Real Estate Center at Texas A&M University, said the Austin region “looks like it is moving toward a more normalized housing market. “

“Similar to what we’re seeing across the state, housing inventory levels are slowly increasing, despite continued increases in sales volume and median price,” Gaines said. “That could indicate that in the latter half of 2017, we will likely experiences some slowing of the home price increases that have become common in recent years – not price decreases — as the relationship between home buying and selling activity begins to balance out.”

John Martin, an agent with Keller Williams, said housing supply has been catching up to demand, taking some of the pressure off prices.

“Every market has a ceiling, a threshold, on where prices can go, and over the last two years we’ve approached that ceiling,” Martin said. “Now prices have finally started to level out. There’s not a huge incline anymore.”



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