Austin housing market ‘least affordable’ it has ever been

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AUSTIN (KXAN) — Austin-area home prices have hit an all-time high, according to a report from the Austin Board of Realtors. The findings show the median price in March for single-family homes increased 10 percent year-over year to $255,000, and the average home price jumped 13 percent to $334,758.

Only three in 10 homes sold last month were priced at less than $200,000, the report said.

IN-DEPTH // Condos & Home Leasing

  • The median price for condos was $226,500 in March, a 1 percent increase from the year before.
  • Condos spent 10 fewer days on the market, or an average of 43 days.
  • 1,348 properties were leased in March, a 12 percent increase from March 2014.
  • The median price for home leases was $1,500 in March, a 3 percent increase from the same time last year.

“The Austin-area housing market is the least affordable it has ever been,” said Barb Cooper, president of the Austin Board of Realtors. “Solving Austin’s affordability issues is not only dependent upon generating new, affordably-priced housing stock, but also preserving and maintaining Austin’s existing housing stock.”

More than 2,400 homes were sold last month, a March record and 13 percent increase from the year before. Additionally, more than half of the homes sold in the area were outside of Austin’s city limits, in places like Round Rock, Pflugerville, Georgetown, Cedar Park, Leander, Kyle and Buda.

“Now that Mayor Adler and Austin’s new city council members are past their first 100 days in office,” Cooper said, “the Austin Board of Realtors expects quick and decisive action on policies that will put a stop to Austin’s growing housing affordability issues.”

Homes stayed on the market for an average of 55 days, up four days from the same time last year.

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