The 2015 Central Texas housing market has begun like the last few years: quickly. January 2015 had 1,547 single-family home sales, an 11% increase from January 2014. Similar to the recent trends in the area, median home prices also saw a large jump, rising 13% to $240,000. Affordability continues to be an ongoing challenge in the Austin housing market.
Barb Cooper, 2015 President of the Austin Board of REALTORS®, explained, “With housing affordability already a challenge for many Austin residents, this increasing pace of home price growth is concerning. More than half of the homes sold in the Austin-area are now priced out of an affordable range for much of Austin’s workforce.”
With a monthly housing inventory of 2.2 months in January 2015, up 0.2 months from January 2014, but still well below the healthy market average of 6.5 months, there are challenges to keep pace with the City’s massive growth.
“Housing inventory is rising, but the current pace is not enough to alleviate Austin’s affordability challenges,” added Cooper. “Furthermore, more homes on the market will not increase housing affordability if those homes are all priced for move-up homebuyers. Austin needs a regulatory environment that will ensure development of all housing types, priced in an affordable range for all Austin residents.”
Here’s a closer look at the January 2015 housing statistics:
- 1,547 – Single-family homes sold, 11 percent more than January 2014.
- $240,000 – Median price for single-family homes, 13 percent more than January 2014.
- $310,187 – Average price for single-family homes, 14 percent more than January 2014.
- 63 – Average number of days single-family homes spent on the market, unchanged from January 2014.
- 2,360 – New single-family home listings on the market, one percent more than January 2014.
- 5,005 – Active single-family home listings on the market, nine percent more than January 2014.
- 2,026 – Pending sales for single-family homes, four percent more than January 2014.
- 2.2 – Months of inventory* of single-family homes, 0.2 months more than January 2014.
- $479,859,289 – Total dollar volume of single-family properties sold, 27 percent more than January 2014.
Cooper concluded, “While single-family homes will always be a part of Austin’s fabric, Austin’s city leaders should consider housing types that cost less to develop and can allow for a greater range of affordable infill options, such duplexes and small apartment buildings, in neighborhoods where they are needed most. The Austin Board of REALTORS® is hopeful that the Austin City Council will embrace changes to the land development code and permitting process to allow for an abundance of housing in all neighborhoods.”
Want to learn more about how REATLORS® are working to keep Austin affordable? View and download the Austin Board of REALTORS®’s 2015 Public Policy Agenda.