Austin, Texas (PRWEB) September 01, 2014
After a double-digit surge in home sales last month, Austin-area home sales dipped three percent to 2,944 single-family home sales in July 2014, according to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS® (ABoR). This is the first decrease in home sales since May 2011. At the same time, monthly housing inventory increased on a year-over-year basis for the first time in three years as more listings entered the market.
Michele Turnquist, Owner of Turnquist Partners Realtors, Inc. explained, "With July breaking the all-time record home sales record we knew the trend would be hard to continue. But not surprisingly as the average home prices continue to grow the increase in housing inventory should continue into the Fall season. With these trends continuing we have seen an interesting move in the luxury market with homes listed above a million dollars selling faster and at a higher average rate then we saw in 2013."
Austin-area monthly housing inventory rose to 3.0 months in July 2014, an increase of 0.2 months from the year prior and the first annual increase in inventory levels since May 2011. This was driven by an increase in available listings, as active listings jumped 12 percent year-over-year to 6,859 listings and new listings rose eight percent during the same time frame to 3,788 listings. However, Austin-area housing inventory is still well below six months, which the Real Estate Center at Texas A&M University cites as a balanced market.
In addition, Austin-area home prices continued to climb with median price increasing nine percent year-over-year to $250,000 and average price rising seven percent to $318,854 in July 2014.
Despite higher home prices, Austin-area homes continued to sell at a faster pace. In July 2014, single-family homes spent an average 39 days on the market, two fewer days compared to July 2013. In addition, pending sales decreased four percent to 2,660 single-family home sales.
July 2014 Statistics
Statistics and information graph courtesy of Austin Board of Realtors.
For more information on the Austin, Houston, and Texas real estate market contact Turnquist Partners Realtors, Inc. a locally run real estate firm with over 25 years’ experience in the Texas market. http://www.turnquistpartners.com or by phone at 512.328.3939.