Austin/Central Texas Real Estate

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Confirmation?

Timely information from the Austin American-Statesman, following my earlier post about a possible market shift.  Despite a year-over-year dip in sales in June, the chief economist at the Texas A&M Real Estate Center projects strong sales through 2018 and into next year.

At midyear, Austin-area home sales remain on record pace

Posted: 11:48 a.m. Tuesday, July 17, 2018


Highlights

Sales rose 3.7 percent through June, and median home-sales price was $313,000, up 4.3%

Sales for the month of June slid 2.7 percent year-over-year, while the median price rose 4.9%, to $326,250.

Board: Home prices continued to climb and supply slowly declined in first half of 2018 amid strong demand.

Despite dipping in June, Central Texas home sales were up in the first half of the year over the first six months of 2017, likely putting the region’s housing market on track for another record year, the Austin Board of Realtors said Tuesday.

A total of 15,364 sold in the first half of the year, up 3.7 percent from the first half of 2017, the board said.

Half of the homes that changed hands went for less than $313,000 and half for more, a 4.3 percent rise in the median sales price compared to the first half of 2017, the board said.

In June, sales declined 2.7 percent compared with June 2017, marking the first monthly dip in year-over-year sales in 2018, the board said.

Of June’s 3,299 sales, half went for $326,250 and half for less, for a 4.9 percent increase in the median price compared with June 2017, the board said.

“Despite a decline in home sales volume across Central Texas in June, 2018 is on track to be another record-setting year for the region’s housing market,” Steve Crorey, president of the Austin Board of Realtors, said in a written statement.

“Consecutive years of record-breaking sales activity have set the bar incredibly high, and it’s important to remember that we’re comparing June 2018 figures to that strong activity. The Central Texas housing market remains strong and continues to move at a demanding pace.”

The board’s figures cover the five-county Central Texas region from Georgetown to San Marcos.

Jim Gaines, chief economist at the Real Estate Center at Texas A&M University, said the June sales dip is not an indication that the Austin-area housing market is cooling off.

“The Central Texas housing market is among the top three in the country,” Gaines said. “The region’s population growth, particularly along the Interstate 35 corridor, is fueled by diversified economic opportunities that bring jobs, new businesses, and resources across multiple industries. Strong population growth and home sales activity are expected to continue in the Central Texas region for the rest of the year and into 2019.”

Within the city limits of Austin, single-family home sales from January through June edged up 1.3 percent year-over-year, to 4,757 sales, and the median home-sales price rose 3 percent, to $375,760.

For the month of June, home sales in the city of Austin declined 4.5 percent, to 988 sales, and the median price dipped 0.4 percent, to $388,000. Home sales had not seen a year-over-year decrease in the month of June since 2013, the board said.