Although Austin area home sales dipped for the first time in three years, the Austin area monthly housing inventory rose to 3.0 months in July 2014, an increase of 0.2 months from the year prior and the first annual increase in inventory levels since May 2011. This was driven by an increase in available listings, as active listings jumped 12 percent year-over-year to 6,859 listings and new listings rose eight percent during the same time frame to 3,788 listings. However, Austin area housing inventory is still well below six months, which the Real Estate Center at Texas A&M University cites as a balanced market.
In addition, Austin area home prices continued to climb with median price increasing nine percent year-over-year to $250,000 and average price rising seven percent to $318,854 in July 2014.
July 2014 Statistics
- 2,944 – Single-family homes sold, three percent less than July 2013.
- $250,000 – Median price for single-family homes, nine percent more than July 2013.
- $318,854 – Average price for single-family homes, seven percent more than July 2013.
- 39 – Average number of days single-family homes spent on the market, two days fewer than July 2013.
- 3,788 – New single-family home listings on the market, eight percent more than July 2013.
- 6,859 – Active single-family home listings on the market, 12 percent more than July 2013.
- 2,660 – Pending sales for single-family homes, four percent less than July 2013.
- 3.0 – Months of inventory* of single-family homes, 0.2 months more than July 2013.
- $938,706,176 – Total dollar volume of single-family properties sold, four percent more than July 2013.
Thinking about buying a home or listing your property? As specialists in the Dripping Springs and SW Austin area, we’d love to talk with you about your options in this market. Contact us today!