Austin-area home sales dip for second consecutive month in August 2014

Austin-area home sales dipped for the second consecutive month, according to the August 2014 MLS Report released by the Austin Board of REALTORS®. There was a slight year-over-year decrease of 4% in single-family home sales; 2,835 single-family homes were sold in August 2014. Rising home prices continue to bring on affordability issues.

“A majority of Austin-area homes are now priced out of an affordable range for first-time and first-time move up homebuyers, where a significant portion of home sales volume occurs,” said 2014 ABoR President Bill Evans. “We need a regulatory environment that supports the development of affordable housing stock for the future stability of our Austin housing market. As we prepare for the new districted Austin City Council this November, ABoR encourages voters to seek leaders that will address our housing and development challenges. The Austin Land Development Code basically needs to be overhauled.”

As the weather continues to heat up, so do prices. Despite the decrease in home sales, median single-family home prices jumped 11% to $247,500. We will see if the housing stock will continue to rise later in the year, perhaps making the steep price increases level out.

Here’s a closer look at the 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.

Evans concluded, “An increase in new and active listings is giving the market some much needed breathing room, but Austin’s housing inventory is still very low and has few affordable options. The new Land Development Code will be a crucial catalyst to sustainable market growth in 2015 and years to come, but it must be heavily revised in order to create housing options throughout the city that are affordable for all of Austin’s homebuyers.”

As always, your REALTOR® is the best source for how these latest numbers will affect your home buying or selling process. Currently looking for a REALTOR®? You can find one on our Find a REALTOR® page.

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