Single-family home sales declined across most of the Austin-Round Rock metropolitan area in September, while inventory levels continued to increase, according to the September 2017 Central Texas Housing Market Report released by the Austin Board of REALTORS®.
In light of last month’s dip in home sales activity, real estate analysts say it’s important to remember that these current figures are being compared to the area’s record-breaking housing market activity in 2016, so it’s not necessarily indicative of a downturn.
Austin has had one of the fastest job growth rates in the country over the past decade and consequently one of the strongest housing markets with rising sales. But steady depletion of housing inventory is resulting in a fast rise in home prices and stimulating Austin’s ongoing housing affordability challenges.
Home prices in the five-county area continued to rise at a steady pace in September. During the same time frame, the monthly housing inventory for single-family homes in the Austin-Round Rock metro area continued to rise for the ninth consecutive month, increasing 0.3 months to 3.0 months. In the city of Austin, monthly housing inventory remained unchanged at 2.4 months of inventory. The increase in housing inventory has led to a recent spike in new and active listings.
Here are the September 2017 Austin Area Housing Stats:
2433 – Single-family homes sold, down 4% from 2016.
$291,464 – Median price for single-family homes, up 5% year over year.
53 – Average number of days single-family homes spent on the market, up 5 days.
2940 – New single-family home listings on the market, down less than 1% from last year.
7588 – Active single-family home listings on the market, up 13%.