Austin-area Home Prices Reach All-Time High

via: Abor.com

Austin-area home prices reach all-time high, home sales set record for April 2015

AUSTIN, Texas – May 21, 2015 – Austin-area single-family home prices once again hit an all-time high, while single-family home sales volume set a record for the month of April, according to the April 2015 Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS®. This marks the eighth-straight month of annual home sale increases, as housing affordability continues to be a challenge in the Austin market.

Barb Cooper, 2015 President of the Austin Board of REALTORS®, explained, “The summer selling season doesn’t usually start in April, but it arrived early this year with significant increases in single-family home sales and prices for April 2015. Showing the impact of these increases, it cost nearly $20,000 more to buy a home in April 2015 than in March 2015 – one of the largest jumps in median home price that we’ve seen in years.”

According to the report, the median price for Austin-area single-family homes increased 14 percent year-over-year to $274,000 in April 2015, while average price increased 11 percent to $341,054 during the same time frame. Once again, less than three in 10 single-family homes sold in the Austin area were priced below $200,000.

New listings for single-family homes increased nine percent year-over-year to 3,807 and active listings increased by 11 percent to 5,915 in April 2015. Pending sales also rose during the same time frame, increasing four percent year-over-year to 2,909 in April 2015.

More listings entering the market caused inventory levels to spike in April 2015, with Austin-area housing inventory reaching 2.5 months in April 2015, 0.2 months higher than April 2014, but a figure still well below the 6.5 month level the Real Estate Center at Texas A&M University estimates as a balanced housing market.

Single-family home sales volume also set a record for the month of April, increasing eight percent year-over-year to 2,568 home sales in April 2015.

April 2015 Statistics

    • 2,568 – Single-family homes sold, eight percent more than April 2014.
    • $274,000 – Median price for single-family homes, 14 percent more than April 2014.
    • $341,054 – Average price for single-family homes, 11 percent more than April 2014.
    • 46 – Average number of days single-family homes spent on the market, one day more than April 2014.
    • 3,807 – New single-family home listings on the market, nine percent more than April 2014.
    • 5,915 – Active single-family home listings on the market, 11 percent more than April 2014.
    • 2,909 – Pending sales for single-family homes, four percent more than April 2014.
    • 2.5 – Months of inventory* of single-family homes, 0.2 increase from April 2014.

 

  • $875,826,672 – Total dollar volume of single-family properties sold, 19 percent more than April 2014.