City of Austin home sales dipped as the median price of a single-family home rose, while at the same time, housing inventory remained critically low, and homes continued to spend less time on the market. In March the median price of single-family homes rose by 2.8% to $375,000 in the city and inventory remained flat at 1.5 months, which is well below well below the 6.0-6.5 months of inventory the Real Estate Center at Texas A&M University projects for a balanced housing market.
In the Austin-Round Rock MSA, the median home price increased slightly by 0.8% from $302,500 in March of last year to $305,000 last month, while single-family home sales increased 1.9% to 2,740 home sales. Sales dollar volume within the five-county MSA increased year over year by 1.2% to $1,064,124,011. During the same period, new listings decreased 2.2% to 3,890 listings while active listings increased 8.4% to 6,060 listings. Pending sales increased 18.4% to 3,378 pending sales. Monthly housing inventory increased by 0.2 months to 2.4 months of inventory.
In the city of Austin, single-family home sales decreased by 4.6% to 781 sales in March. During the same period, sales dollar volume decreased slightly by 0.4% to $371,993,004. New listings decreased 10.4% to 1,038 listings; active listings decreased 1.5% to 1,149 listings; and pending sales slightly decreased by 1% to 902 pending sales.
(information courtesy of ACTRIS)
National Market Update
After dipping 15 months in a row, Pending Home Sales rebounded 3.8% in March, up in the West, Midwest, and South, down a tick in the Northeast. "Lower mortgage rates and more inventory won out," as one economist explained.
Plus, home price gains slowed in the latest Case-Shiller Home Price Index. First American says, "declining mortgage rates, ongoing household income growth and moderating unadjusted home prices have boosted affordability."
Their Real House Price Index reports that when consumer home buying power is factored in, home prices are 39% below their 2006 peak, and 14% below where they were in January 2000.