Austin housing market remains on record year pace, report says
AUSTIN, Texas — The housing market in the Austin area is still on track for a record-breaking year despite a calming trend, according to the latest Central Texas Housing Report.
The Austin Board of Realtors (ABoR) released its October 2021 report on Thursday. The report found that sales dollar volume increased 6.4% year-over-year to $1,836,686,318 and new listings increased 0.9% to 3,777. Home sales across the Austin-Round Rock metro area decreased 12.1% to 3,250 closings compared to October 2020, but the median sales price grew 24.7% year-over-year to $455,000, which set a record for the month of October.
The report states that housing inventory in the Austin-Round Rock MSA dipped 0.1 months of inventory to 1.0 months and homes spent an average of 20 days on the market. That 20-day mark is down 16 days when compared to October 2020.
“We are beginning to see a glimpse into what buyers and sellers can expect in our housing market moving forward,” said Susan Horton, the 2021 ABoR president. “More new listings are hitting the market, a trend that we have seen continuously for the past eight months, and when coupled with fewer closings across the MSA, prospective buyers have more options.”
Active listings decreased 0.5% year-over-year to 3,475 and pending sales increased 4.4% to 3,774 across the Austin-Round Rock metro area, according to the report.
Jon Hockenyos, president of TXP, Inc., suggested in the report that signs of the supply chain rebounding could help with new housing developments.
“While activity appears to have leveled off somewhat in recent months, Austin’s residential real estate market remains extraordinarily hot, as prices have risen drastically over the past year,” Hockenyos said. “Real estate in Austin remains a seller’s market as historically low-interest rates, strong in-migration, a rapidly recovering local economy and unprecedented stimulus all drive up the demand for housing. When the lowest inventory on record is factored into the mix, it’s clear that price pressures are unlikely to ease any time soon. Hopefully, the coming months will bring more supply to the market, as materials shortages ease and new development occurs.”
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