All-Time High Reached for September

While the summer selling season has ended for most housing markets, the Austin Board of REALTORS® latest Central Texas Housing Market Report shows a double-digit percent increase in Austin home sales, which continue to outpace inventory and drive up home prices. The median price of a single-family home in the city of Austin rose 11.9% this month to $406,000––an all-time high for any September on record. Average Days on Market, Months of Inventory, and Active Listings all decreased, which Pending Sales, Total Dollar Volume, and Single-Family Homes Sold increased.

I In the Austin-Round Rock MSA, single-family home sales in September experienced a double-digit percent increase of 13.4% to 2,654 home sales, and sales dollar volume jumped 19.6% to $1,062,527,517. The median price for single-family homes increased 6.7% to $320,000. During the same period, new listings increased 9.5% to 3,047 listings; active listings decreased 11.7% to 6,686 listings; and pending sales spiked 27.8% to 2,861 pending sales. Monthly housing inventory declined 0.4 months year over year to 2.5 months of inventory.

In the city of Austin, single-family home sales increased by 14.8% to 798 sales in September. During the same period, sales dollar volume spiked 23.3% to $393,731,739. New listings remained flat at 808 listings; active listings decreased 24% to 1,274 listings; and pending sales jumped by 20.3% to 824 pending sales. Housing inventory decreased 0.5 months year over year to 1.6 months of inventory.

(information courtesy of ACTRIS)

National Market Update

New Home Sales were down 0.7% in the US in September from August levels, and Existing Home Sales were off 2.2%. That said, the annual rate fully reversed 12-month sales average decline, with New Home Sales up 15.5% over a year ago (Sept 18 vs Sept 19). There are more than 200,000 more new homes per month being sold now that there 5 years ago. Existing Home Sales are up 3.9% over a year ago (Sept 18 vs Sept 19).

The Federal Reserve issued another Fed rate cut at Wednesday's meeting. No more changes are expected this year.