The first Central Texas Housing Market Report of the year shows steady gains in both home sales and prices across the five-county Austin-Round Rock Metropolitan Statistical Area (MSA), according to the Austin Board of REALTORS® (ABoR).
Compared to January 2019, residential home sales in the Austin area increased 8.5% to 1,947 sales, and the median price increased 4.8% to $308,000, setting a record for the month of January. Housing inventory––which fell to 1.6 months––was driven to critically low levels across the MSA due to drops in both new and active listings. At the same time, increases in pending sales activity in January could signal further declines in inventory in the year ahead amidst strong housing demand.
In the Austin-Round Rock MSA, residential home sales in January rose 8.5% to 1,947 home sales, with a 9.6% sales dollar volume increase to $726,157,216. During the same period, new listings decreased 14.3% to 2,723 listings, active listings decreased 24.1% to 4,889 listings. However, pending sales jumped 13.1% to 2,956 pending sales. Monthly housing inventory declined 0.6 months year over year to 1.6 months of inventory. In the city of Austin, the median price for residential homes experienced a double-digit percent increase of 13.5% year over year to $384,750. Residential home sales increased 0.6% to 638 sales and sales dollar volume increased by 8.2% to $290,628,094. During the same period, new listings decreased 10.6% to 960 listings; active listings dropped 32.5% to 1,099 listings; however, pending sales rose 8.6% to 956 pending sales. Monthly housing inventory decreased 0.5 months year over year to 1.1 months of inventory.. The new Central Texas Housing Market Reports adjusted their reporting to all residential properties (SFR, Condos, Townhomes) rather than the prior reports only reflecting single family homes. The move marks a shift to including the changing landscape of housing in the Austin area. In order for the rapid, positive growth to be sustainable, we'll need to continue to add a variety of housing types, including higher density within the the general city area. (information courtesy of ACTRIS) Austin Ranked Second Among Fastest Growing Metros The Austin metropolitan area added 37,800 net new jobs, or 3.5%, in the 12 months ending in December, according to Friday's releases of preliminary Current Employment Statistics (CES) payroll jobs numbers by the Texas Workforce Commission (TWC) and the U.S. Bureau of Labor Statistics (BLS). Austin’s 3.5% growth makes it the 2 nd best performing among the 50 largest metro areas.
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