The July Housing Numbers are in, and if you have been shopping for a home you already know the results!
Austin area home sales hit an all-time high in July 2015, increasing 12% over July 2014. We have had one of the most active summer selling seasons ever, with more single-family homes sold than ever before. Prices remain high, but inventory levels have increased steadily leading us toward a more balanced market.
The median home price increased 8% over last year, while the average price increased 6% during the same time. 30% of the single-family homes sold were below $200,000, leading buyers outside of Austin proper and into Cedar Park, Leander, Round Rock, Pflugerville and other cities to find the affordability they were looking for.
The number of new listings increased 9%, driving inventory levels up to 3 months for the first time in a year. That’s good news for home buyers, but we are still well below the 6.5 month level which the TAMU Real Estate Center cites as a balanced market. The average home stayed on the market for 41 days this July, two more than in July 2014.
If you have been hesitant to jump into the market for a new home, the news is good. Increasing inventory means less pressure for buyers and more selection. Prices are still increasing slowly, so if you are on the fence now is the time to make a move. Start planning now to take advantage of the slower fall season!
July Housing Numbers
- 3,149 – Single-family homes sold, 12 percent more than July 2014.
- $269,500 – Median price for single-family homes, eight percent more than July 2014.
- $338,452 – Average price for single-family homes, six percent more than July 2014.
- 41 – Average number of days single-family homes spent on the market, two days more than July 2014.
- 4,133 – New single-family home listings on the market, nine percent more than July 2014.
- 7,174 – Active single-family home listings on the market, five percent more than July 2014.
- 2,873 – Pending sales for single-family homes, eight percent more than July 2014.
- 3.0 – Months of inventory* of single-family homes, unchanged compared to July 2014.
- $1,065,785,348 – Total dollar volume of single-family properties sold, 19 percent more than July 2014.