June 2016 ABOR Market Report
AUSTIN, Texas – July 15, 2016 – Single-family home sales and prices experienced strong gains throughout the Central Texas region in the first half of 2016, according to the June & Mid-Year 2016 Central Texas Housing Market Report released today by the Austin Board of REALTORS®.
“Despite the ongoing housing shortage and affordability challenges impacting our region, population growth and housing demand continue to drive home sales upward,” said Aaron Farmer, 2016 President of the Austin Board of REALTORS®. “The Austin-Round Rock housing market is on track to outpace 2015 market levels, which was a record-breaking year for home sales.”
Austin-Round Rock Metropolitan Statistical Area (MSA)
Single-family home sales in the five-county Austin-Round Rock MSA rose 6.1 percent year-over-year to 14,482 home sales in the first half of 2016, while median price rose seven percent year-over-year to $282,000. Home listings also experienced gains in the first half of the year, with active listings increasing 6.6 percent to 5,290 listings, new listings rising 5.7 percent to 20,060 listings, and pending sales rising 7.2 percent to 15,909 sales.
Rising home sales and home prices means a greater impact on the region’s economy as well. Sales dollar volume in the Austin-Round Rock area was $5,073,874,678, an 11.5 percent increase from the first six months of 2015.
Single-family housing market activity continued to be strong in June 2016, with home sales jumping to 3,219 sales, an 8.5 percent increase compared to June 2015. Median price rose 8.2 percent to $295,500 during the same time frame. Monthly housing inventory remained unchanged at 2.5 months, which is less than half of the Real Estate Center at Texas A&M University’s benchmark of 6.5 months as a balanced housing market.