Austin Area Housing Inventory Edging Up Thanks to New Construction

Single-family home sales increased across the Austin-Round Rock Metropolitan Statistical Area (MSA) in October, but declined in the city of Austin, according the most recent Central Texas Housing Market Report released by the Austin Board of REALTORS®.

Meanwhile, housing inventory levels continued to edge upward across the five-county MSA in October, increasing 0.2 months to 2.8 months of inventory. In the city of Austin, single-family housing inventory increased 0.1 months to 2.3 months of inventory. Housing inventory levels across the region continue to be well within a seller’s market, compared to the Real Estate Center at Texas A&M University’s estimation of 6.0-6.5 months of inventory as a balanced housing market.

Gains in housing inventory throughout 2017 have been partially driven by strong housing development throughout much of the region. The Q3-2017 Austin Housing Report by Metrostudy released last month reported that new home starts within a 12 month period ending in September 2017, are at a 10-year high, with a majority of housing development activity concentrated in local markets surrounding Austin such as Pflugerville and the west side of Cedar Park/Leander.

Here are the Austin metro area’s October housing stats:

2292 – Single-family homes sold, up 2% from 2016.

$286,742 – Median price for single-family homes, up 4% year over year.

55 – Average number of days single-family homes spent on the market, up 3 days.

2816 – New single-family home listings on the market, up 8% from last year.

7083 – Active single-family home listings on the market, up 13%.