Austin Home Sales Shatter October Records Home sales in Austin experienced a double-digit percent increase in October—creating a new record even as the inventory of single-family homes in Austin dropped to an all-time October low—according to the latest monthly report from the Austin Board of REALTORS® (ABoR).
The Central Texas Housing Market Report, which underscores the need for more diverse housing options in the city, was released just days after officials reviewed the latest draft of a revised land development code. The October report for Austin reflects a 14.5% increase year over year to 835 home sales, marking more homes sold than any October on record. Imagine Austin, a 30-year comprehensive plan for the city’s growth, was adopted in 2012. But since then, the median price of a detached single-family home in the city’s urban core increased 67%—from $301,900 to $505,000. Emily Chenevert, chief executive officer of ABoR, said that finding the right land development code for the city is key to solving Austin's affordability crisis and ensuring sustainable growth for our region. In the Austin-Round Rock MSA, single-family home sales in October experienced a double-digit percent increase of 16.8% to 2,721 home sales. Sales dollar volume jumped 23.3% to $1,084,580,726. The median price for single-family homes increased 7.4% to $327,500. During the same period, new listings increased 8.4% to 3,067 listings and pending sales spiked 25.2% to 2,866 pending sales. However, active listings decreased 12.1% to 6,381 listings. Monthly housing inventory declined 0.5 months year over year to 2.3 months of inventory. In the city of Austin, the median price for a single-family home increased 8.9% to $405,000—the highest median price for any October on record. The city’s escalating demand and record-breaking median home price resulted in a 21.4% increase in sales dollar volume, raising October’s total to $407,873,084. During the same period, new listings decreased 5% to 840 listings; active listings decreased 25.1% to 1,229 listings; however, pending sales increased 8.4% to 745 pending sales. Housing inventory decreased 0.6 months year over year to 1.5 months of inventory. (information courtesy of ACTRIS)
National Market Update
Existing Home Sales grew 1.9% in the US in October, rebounding from September levels, to a 5.46 million annual rate, up 4.6% from 2018. Building Permits for single family rose for the 6th month in a row, up 8.5% from a year ago.
New home sales in October slipped 0.7% from September's number, although the 733,000 unit annual rate still put sales up 31.6% from a year ago
Fed Funds Futures traders don't expect any rate cuts in the near future, but don't see any rate hikes either.
The Federal Housing Finance Agency (FHFA) today announced the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2020. In most of the U.S., the 2020 maximum conforming loan limit for one-unit properties will be $510,400, an increase from $484,350 in 2019.
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