Single-family home sales in the Austin-Round Rock Metropolitan Statistical Area (MSA) experienced strong and steady growth in the first half of this year but declined in June 2018, according to the June & Midyear 2018 Central Texas Housing Market Report released Tuesday by the Austin Board of REALTORS®.
In the first half of the year, area home prices continued to increase and housing inventory levels slowly declined amid strong housing demand.
“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, 2018 president of the Austin Board of REALTORS®, said. “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.”
In the five-county MSA, single-family home sales increased 3.7% year-over-year to 15,364 home sales, while the median home price increased 4.3% year-over- year to $313,000. The volume of homes on the market declined year-to-date, although pending sales activity increased during the same time frame. From January to June 2018, active listings fell 0.8% to 5,951 listings; new listings decreased 0.6% to 21,795 listings; and pending sales rose 4.8% to 17,008 sales. Sales dollar volume in the Austin-Round Rock MSA was $6,025,035,605—an 8.2% increase from the first six months of 2017.
In June 2018, single-family home sales activity declined 2.7% year-over-year to 3,299 sales. During the same period, the median price for a single-family home rose 4.9% year-over-year to $326,250. Monthly housing inventory decreased 0.1 months year-over-year to 2.9 months, well below the Real Estate Center of Texas A&M University’s benchmark of 6.0 months as a balanced housing market. While home sales decreased across the MSA in June, this is not indicative of a declining housing market, suggested Jim Gaines, chief economist at the Real Estate Center at Texas A&M University.
“The Central Texas housing market is among the top three in the country. The region’s population growth, particularly along the I-35 corridor, is fueled by diversified economic opportunities that bring jobs, new businesses, and resources across multiple industries,” he said. “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.”
In the city of Austin, single-family home sales in the first half of the year edged upward 1.3% year-over-year to 4,757 sales and the median price for a single-family home increased 3% to $375,760. During the same period, active listings decreased 10.1% to 1,279 listings; new listings decreased 3.9% to 6,458 listings; and pending sales rose 2.7% to 5,248 sales.
City of Austin home sales have not experienced a year-over-year decrease in the month of June since 2013. Austin home sales decreased 4.5% to 988 home sales and median price dipped 0.4% to $388,000. Housing inventory also decreased 0.3 months to 2.1 months of inventory. However, homes spent six fewer days on the market in 2018 than the previous June, averaging 30 days on the market.
In Travis County, single-family home sales increased 3.8% year-over-year to 7,675 home sales in the first half of the year. During the same time frame, the median price for single-family homes grew 3.6% to $362,500. Active listings decreased 6.1% to 2,796 listings; new listings decreased 1.2% to 10,977 listings; and pending sales increased 6% to 8,587 sales.
In June 2018, single-family home sales decreased 2% to 1,651 home sales, while median price increased 1.2% to $374,500. Monthly housing inventory decreased 0.2 months to 2.8 months of inventory.
In Williamson County, single-family home sales in the first half of 2018 increased 5.2% year-over-year to 5,333 home sales. During the same period, the median price for single-family homes increased 3.7% to $286,900. Active listings increased 5.2% to 2,033 listings; new listings decreased 0.8% to 7,303 listings; and pending sales rose 4.7% to 5,832 sales.
In June 2018, single-family homes sales dipped 1.7% year-over-year to 1,143 sales, while the median price rose 4.7% to $300,000. During the same time frame, housing inventory declined 0.1 months to 2.8 months of inventory.
In the first half of 2018, Hays County single-family home sales rose 2.6% year- over-year to 1,721 home sales, while median price increased 3.3% year-over-year to $264,900. New listings increased 2.2% to 2,536 listings and active listings increased 1.9% year-over-year to 799 listings. During the same time frame, pending sales rose 4.4% to 1,907 sales.
In June 2018, single-family home sales decreased 7.1% year-over-year to 369 sales, while median price increased 7.5% year-over-year to $284,900. During the same time frame, housing inventory increased 0.1 months to 3.4 months of inventory.
