September 2016 ABOR Market Report
AUSTIN, Texas – Oct. 18, 2016 – Single-family home sales increased across the Austin-Round Rock Metropolitan Statistical Area (MSA), but declined throughout the City of Austin in September, according to the September 2016 Central Texas Housing Market Report released today by the Austin Board of REALTORS®.
Aaron Farmer, 2016 President of the Austin Board of REALTORS® said, “Housing is at the center of all economic development. Nowhere is this more evident than at the intersection of housing affordability and mobility. As more and more homebuyers look outside of Austin’s city limits to find an affordable home, our region’s infrastructure is increasingly strained and the overall costs of homeownership rise because of the increased cost to commute.”
In September, less than one in three homes sold in the Austin-Round Rock MSA and less than one in five homes sold in the Central Texas region were sold within Austin’s city limits. City of Austin single-family home sales declined 4.5 percent year-over-year in September 2016 to 746 home sales, while home sales across the Austin-Round Rock MSA increased 1.3 percent year-over-year to 2,576 home sales. Across the Central Texas region, single-family home sales were up 6.1 percent from September 2015.
During the same time frame, the median price for City of Austin homes increased 10.6 percent year-over-year to $345,000. Across the five-county MSA, the median price for single-family homes was $275,250, an increase of 7.5 percent from September 2015.
Single-family homes in surrounding markets also continued to spend less time on the market in September 2016. In Williamson County, homes spent three less days on the market, or an average of 44 days. In Hays County, homes spent an average of 48 days on the market, one day less than September 2015.