June 2017 ABOR Market Report
AUSTIN, Texas – July 20, 2017 – Central Texas single-family home sales growth slowed in the first half of 2017 while home prices continued to grow at a steady pace, according to the Mid-Year 2017 Central Texas Housing Market Report released today by the Austin Board of REALTORS®.
“The Central Texas housing market continued to show signs of normalization in the first half of the year, with positive but more moderate gains in sales activity,” said Brandy Guthrie, President of the Austin Board of REALTORS®. “Homes are spending more time on the market and housing inventory levels have slowly increased throughout the year. While it could take years for the region’s housing market to achieve balance between homebuying and selling activity, these trends indicate that the Central Texas housing market could finally be moving in that direction.”
City of Austin
Single-family home sales in the city of Austin increased 4.3 percent to 4,680 home sales in the first half of 2017. Of the 22,449 single-family homes sold in the 18-county Central Texas region in the first half of the year, approximately only one in five (20.8 percent) were sold within the Austin city limits. Median price increased 7.7 percent to $365,000 in the first half of the year, while active listings increased 8.7 percent to 1,435 listings during the same time frame.
“So far in 2017, home price appreciation throughout Central Texas has ranged between 5-8 percent,” commented Guthrie. “While this is less than the double-digit home price increases experienced over the last few years, the impact on housing affordability for the typical Central Texas homebuyer is still significant. In the city of Austin, for example, the median price for single-family homes in the first half of 2017 was more than $26,000 higher than in the same time period in 2016.”
In June 2017, Austin home sales edged up 2.1 percent to 1,015 home sales, while median price jumped 13.2 percent to $393,500 during the same time frame. Housing inventory increased 0.1 months to 2.4 months of inventory, while homes spent an average of 36 on the market, an increase of two days from June 2016.