AUSTIN (KXAN) — The Austin-Round Rock housing market set more records in June with home prices going even higher, the Austin Board of Realtors said Thursday.
In its report for June, the board said median home prices in the five-county area in the Austin-Round Rock metropolitan statistical area are now at $482,364, an all-time record. More homes were sold this June than any June on record as people bought 4,369 houses in the area.
Inventory is still incredibly low, and it’s just getting lower. Inventory numbers dipped from 1.1 months to 0.6 months, and homes are on the market for average of just 13 days, down from 33 days year over year.
Austin’s market mirrors the encompassing area’s. The median home price has increased 42% year over year to $575,000, and total sales dollar volume exploded 62% to over $4.26 billion for the first half of the year. More homes this June were sold than any other June on record at 1,374, and total sales dollar volume in June alone was nearly $1 billion. On average, homes are spending just 13 days on the market, down from 16 days.
The report said there doesn’t appear to be an end in sight, either.
“In June, and in the first six months of the year, we saw a confirmation that Austin’s housing market is one of the strongest in the nation,” ABoR President Susan Horton said. “Our market has established its own new normal, as median prices climb while inventory remains low. With the unprecedented growth our region continues to experience, we can expect these trends to continue.”
For the entire area, more listings are going up but the houses are going under contract very quickly, Horton said. She said there’s more that needs to be done to address affordibility in the market.
“Local leaders should collaborate regionally and with their state and federal partners to think creatively to address this complex issue. There is no ‘one-size-fits-all’ solution, but we must use all the tools available to us to employ an ‘all-of-the-above’ strategy,” she said. “Addressing this challenge head on and prioritizing housing will go a long way to ensuring that our local economy remains healthy, our market reaches a more balanced position, and more people have access to homeownership.”
June county reports from ABoR
Travis County: Home sales increased 8.5% year over year to 2,123 sales, while sales dollar volume climbed 54.7% to $1.5 billion . During the same period, the median price increased 42.7% to $560,000. New listings increased 20% to 2,600 listings; active listings fell by half, 50%, to 1,290; while pending sales slightly decreased 4.6% to 2,106 pending sales. Housing inventory fell 1.0 months to 0.7 months of inventory.
Williamson County: Home sales increased 11.4% year over year to 1,539 sales. During the same period, sales dollar volume jumped 62.8% to $764,342,867, and the median price climbed 47.5% to $450,000. New listings increased 25.5% to 1,759, while active listings tumbled 61.6% to 605 listings. Pending sales increased 3% to 1,576 pending sales. Housing inventory fell by one month to 0.5 months of inventory.
Hays County: Home sales decreased 4.7% year over year to 509 home sales, as sales dollar volume climbed 36% to $260,278,016. During the same period, the median price rose by 37.6% to $395,000. New listings increased 44% to 609 listings; active listings fell 63.8% to 243 listings; and pending sales slightly increased 0.4% to 557 pending sales. Inventory dropped 1.3 months to 0.6 months of inventory.
Bastrop County: Home sales increased 32.8% year over year to 158 home sales, and sales dollar volume soared 85.2% to $62,643,784. At the same time, the median price increased 24.8% to $322,500. New listings increased 5.4% to 156 listings; active listings fell 65.3% to 96 active listings, while pending sales fell 16.6% to 136 pending sales. Inventory declined 2.2 months to 0.7 months of inventory.
Caldwell County: Home sales increased 17.7% year over year to 40 home sales, and sales dollar volume jumped 76.4% to $14,784,567. During the same period, the median price rose 38.3% to $295,000. New listings increased 21.1% to 46 listings; active listings decreased 60.8% to 31 listings. Pending sales increased 2.3% to 44 pending sales. Housing inventory fell 2.2 months to 0.9 months of inventory.