AUSTIN, Texas – Austin-area single-family home sales increased year-over-year for the fifth consecutive month in October 2015, according to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS® (ABoR). Austin-area single-family home sales increased by two percent year-over-year to 2,378 home sales and median price increased five percent by the same measure to $252,790 in October 2015.
Barb Cooper, 2015 President of the Austin Board of REALTORS®, explained, “We’re on pace for another record year and while home sales typically slow each fall, housing demand has remained strong far past the typical peak selling season. This demand stems from strong employment and our area’s high growth rate—factors that help create a stable housing market.”
In a recent Freddie Mac report, Austin was ranked the second-most stable housing market in the U.S. The report ranked Austin’s housing market as “improving,” with positive gains in employment and mortgages in good standing.
“A stable housing market bodes well for Central Texas,” added Cooper. “But we need to find ways to give more Austin-area homeowners access to that stability by increasing our density, preserving our existing housing stock through stronger code enforcement and creating more affordable housing options.”
New listings remained unchanged year-over-year at 2,847 listings and active listings increased by three percent compared to October 2014 to 6,342 listings. In addition, pending sales increased four percent to 2,339 single-family home sales. Homes remained on the market for an average of 50 days in October 2015, one day fewer compared to October 2014.
Monthly housing inventory decreased by 0.1 months year-over-year to 2.6 months. Housing inventory remains at less than half of what the Real Estate Center at Texas A&M University considers a balanced housing inventory level of approximately 6.5 months.
October 2015 Statistics
· 2,378 – Single-family homes sold, two percent more than October 2014.
· $252,790 – Median price for single-family homes, five percent more than October 2014.
· $333,452 – Average price for single-family homes, seven percent more than October 2014.
· 50 – Average number of days single-family homes spent on the market, one day fewer than October 2014.
· 2,847 – New single-family home listings on the mark
et, statistically unchanged compared to October 2014.
· 6,342 – Active single-family home listings on the market, three percent more than October 2014.
· 2,339 – Pending sales for single-family homes, four percent more than October 2014.
· 2.6 – Months of inventory* of single-family homes, 0.1 months less than October 2014.
· $792,948,856 – Total dollar volume of single-family properties sold, 10 percent more than October 2014.
The following sections describe trends in other sectors of the Austin-area real estate market.
Townhouses & Condominiums
The number of townhouses and condominiums (condos) sold in the Austin area in October 2015 was 230, a 15 percent decrease from October 2014. The median price for condos was $234,680, which is four percent more than the same month of the prior year. These properties spent an average of 48 days on market, unchanged from October 2014.
Leasing
In October 2015, a total of 1,384 properties were leased in Austin, which is one percent more than October 2014. Properties spent an average of 41 days on the market, or two fewer days than in October 2014. Active property listings increased by five percent compared to October 2014, reaching 1,891 listings.