AUSTIN (KXAN) — Despite the area’s housing market record pace, home sales in Austin-Round Rock dropped in November, the Austin Board of Realtors said in its monthly report Thursday.
The ABoR said sales in November dropped nearly 5% from October, but the market is still ahead of where it was at this time last year by more than 3%.
Another interesting finding in the report is that more than half of the homes sold, 53% to be exact, sold between $250,000 and $500,000, the typical price range for first-time homebuyers. The report said, “the data indicates that despite a fast-paced market and record-low inventory, opportunity still exists to find the right home.”
“We have all seen the headlines about our housing market and the Austin Board of Realtors knows that it is competitive, however, when you dig a little deeper, you can see that there is plenty of opportunity and our market is still readily accessible for homebuyers across all price levels,” said Susan Horton, ABoR president. “This doesn’t mean there isn’t work to be done to ensure everyone has equal opportunity to find a home here, but it does demonstrate that by working with a licensed realtor, homebuyers and renters can find something that works for their budget and housing needs.”
As home sales fell, the median price of an area home went up nearly 30% year-over-year to $470,000. That’s a record price for November, the report said, and homes spent an average of 22 days on the market. In October, the median home price was $455,000.
Demand is still keeping inventory very low, Horton said, but more properties are being listed and sold than ever before in the area.
“We are selling a record or near-record number of homes every month because of the popularity of our region, driven by economic opportunities and the quality of life we are so accustomed to,” Horton said. “We have a high-demand market that can still be accessible for first-time and move-up buyers and, because of that, the real estate industry is helping contribute to the economic growth across the region.”
Homes sales increased in Bastrop and Caldwell counties modestly but decreased in every other county in the 5-county area.