Austin (KXAN) — The Austin Board of REALTORS released the May 2019 Central Texas Housing Market Report Thursday. The report revealed that Austin homes are pricier than ever amid declining inventory.
The median price of a single-family home in the city of Austin reached an all-time high of $407,400. This set a new record for the Austin Board of REALTORS monthly housing reports.
However, a decline in both new and active listings in Austin were discovered, along with a 3.4 percent drop in home sales.
“A lack of middle-market housing in the city of Austin is driving demand to the suburbs,” Kevin P. Scanlan, 2019 president of the Austin Board of REALTORS, said. “While the Central Texas housing market is healthy and thriving, Austin continues to struggle with housing options that are affordable for first-time homebuyers as the median price surpasses $400,000.”
The skyrocketing of prices has affected the Austin Independent School District. Families are now turning away from buying unaffordable homes and rather looking into multi-family developments, which is now affecting growth in AISD.
“As more families move outside the district’s boundaries, we’re taking the appropriate steps to mitigate this trend,” Reyne Telles, the district’s executive director of communications and community engagement, said. “In order to adapt to this new reality, and work towards increasing our student population, the school district now allows students who reside outside of AISD’s boundaries to transfer into our schools.”