Austin, Texas Median Home Prices Up 11 Percent Year-over-Year in August

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Turnquist Partners Realtors, Inc. found that median price for single-family homes jumped 11 percent year-over-year to $247,500 and average home prices rose nine percent to $311,414.

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According to the Austin Board of REALTORS® report, median price for single-family homes jumped 11 percent year-over-year to $247,500 and average price rose nine percent year-over-year to $311,414. Single-family homes continued to sell quickly as they spent an average 42 days on the market, one day fewer than August 2013.

Although, Austin-area home sales declined for the second consecutive month in August 2014 as rising home prices and housing affordability issues continue to affect the Austin-area housing market.

“The reason we suspect that home sales are dipping over the past two months is due to affordability concerns that are inhibiting first time homebuyers from entering the market” said Kathryn Scarborough Turnquist Partners Realtors, Inc. President. “We do think that the market will begin to pick up again in the coming months as housing inventory saw another increase in August, this should help even out the influx in asking prices for homes priced in the $200,000 to $750,000 range.“ she went on to say.

The report went on to say, housing inventory continued to increase in August 2014, rising 0.2 months from the year prior to 3.0 months. While still well below the Real Estate Center at Texas A&M University’s balanced housing inventory level of 6.5 months, Austin-area housing inventory levels could continue to rise as much-needed listings enter the market.

Other interesting statistics for the Austin market included the fact that active listings jumped 10 percent year-over-year to 6,707 listings and new listings rose four percent during the same time frame to 3,310. In addition, pending sales increased one percent to 2,430 single-family home sales.

August 2014 Statistics:

  •     2,835 – Single-family homes sold, four percent less than August 2013
  •     $247,500 – Median price for single-family homes, 11 percent more than August 2013.
  •     $311,414 – Average price for single-family homes, nine percent more than August 2013.
  •     42 – Average number of days single-family homes spent on the market, one day fewer than August 2013.
  •     3,310 – New single-family home listings on the market, four percent more than August 2013.
  •     6,707 – Active single-family home listings on the market, 10 percent more than August 2013.
  •     2,430 – Pending sales for single-family homes, one percent more than August 2013.
  •     3.0 – Months of inventory* of single-family homes, 0.2 months more than August 2013.
  •     $882,858,690 – Total dollar volume of single-family properties sold, four percent more than August 2013.

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

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Barrett Tilson
Turnquist Partners
since: 01/2010
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