Strong homebuying activity throughout the summer led to double-digit home sales growth in July according to the July 2018 Central Texas Housing Market Report released today by the Austin Board of REALTORS®.
The five-county Metropolitan Statistical Area (MSA) experienced the highest volume of home sales since July 2011 and the highest median home price on record for any month.
“Strong pending sales activity in June contributed to a big uptick in home sales growth last month and pending sales growth was strong again in July too” Steve Crorey 2018 president of the Austin Board of REALTORS® said. “This means we could see another uptick in home sales growth in August to end the summer selling season on a high note.”
In the city of Austin single-family home sales experienced a double-digit increase of 13.5 percent year over year to 952 sales while sales dollar volume increased 19.8 percent to $451315853 in July.
Austin-Round Rock Metropolitan Statistical Area (MSA)
In the Austin-Round Rock MSA July single-family home sales increased 8.8 percent year over year to 3103 sales while sales dollar volume increased 13.7 percent to $1254255680. The median home price increased six percent year over year to a record-breaking $320000.
For the second month in a row pending sales growth experienced strong gains across the MSA increasing 8.3 percent year over year to 3201 pending sales in June and 10.8 percent to 3065 pending sales in July. However the number of homes on the market fell during the same time frame. In July active listings for the five-county MSA fell 2.7 percent to 7522 listings and new listings decreased 1.2 percent to 3738 listings.
“Housing construction is at an all-time high in Central Texas but the pace of new housing stock entering the market can’t justify last month’s jump in sales growth on its own. These gains in home sales activity are being driven by pure demand” Vaike O’Grady Austin regional director for Metrostudy said.
“Home sales are up across the board in the Austin area but declines in housing inventory are almost just as steep. The city of Austin in particular lost almost half a month of inventory from July 2017 to July 2018. That’s a lot of inventory to lose year over year” Crorey said. “ABoR housing market data underscores not only the ongoing strong housing demand in our region but the critical need for more housing stock at all price points in and around Austin.”
City of Austin
In the city of Austin the July median price for a single-family home increased six percent year over year to $390000. During the same time frame new listings decreased seven percent to 1066 listings; active listings decreased 13.8 percent to 1675 listings; and pending sales rose 11.6 percent to 904 sales. Monthly housing inventory decreased 0.4 months to 2.1 months well below the Real Estate Center at Texas A&M University’s benchmark of 6.0 months as a balanced housing market.
In Travis County July single-family home sales increased 15.7 percent year over year to 1594 home sales while sales dollar volume increased 17.5 percent to $769540765.
The median price for single-family homes grew 4.5 percent to $375000. During the same period new listings remained relatively flat with a 0.3 percent increase to 1854 listings. Active listings decreased 7.8 percent to 3543 listings while pending sales jumped 12.3 percent to 1503 sales. Monthly housing inventory decreased 0.3 months year over year to 2.8 months of inventory.
In Williamson County July single-family home sales increased 5.7 percent year over year to 1054 home sales while sales dollar volume increased 7.7 percent to $326159581. During the same period the median price for single-family homes increased 2.1 percent to $280734. New listings decreased 6.5 percent to 1204 listings; active listings decreased 2.1 percent to 2497 listings; and pending sales rose 10.6 percent to 1055 pending sales. Housing inventory decreased 0.2 months year over year to 2.8 months of inventory.
In July 2018 Hays County single-family home sales rose 2.7 percent to 347 sales while sales dollar volume slightly decreased with a 0.6 percent decrease to $113218199. Median price decreased three percent year over year to $265000. During the same time frame new listings remained relatively flat with a 0.2 percent increase to 478 listings; active listings increased 5.9 percent to 1045 listings; and pending sales rose 6.1 percent to 366 sales. Housing inventory increased 0.1 months to 3.6 months of inventory.