Despite a November decline, Austin home sales are still on track to set a record for home sales this year, according to the Austin Board of Realtors.
While November sales decreased 4 percent, this is only the second time in 2015 that monthly sales were down compared to last year.
However, home sales went in the other direction with a 10 percent increase bringing median home prices $270,000 in November 2015, setting a record for the month of November. Also setting a record for November, average home prices increased 12 percent to $347,292 during the same timeframe.
“While November single-family home sales volume decreased slightly compared to last year, year-to-date home sales volume continues to outpace 2014,” said Barb Cooper, president of the Austin Board of Realtors. “With the Austin-area population exceeding 2 million over the summer, growth in Central Texas is showing no signs of slowing.”
This year, 26,683 homes have been sold through November. The Austin area set a record last year with 27,794 sales, according to revised figures from the board. The board’s latest report shows 1,965 pending sales in the pipeline to close in December and into January, putting 2015 on track to surpass last year’s total.6
“The Federal Reserve’s recent decision to raise interest rates is a sign of a healthy economy, and we’re fortunate that Austin has one of the strongest economies and housing markets in the nation,” said Mark Sprague, State Director of Information Capital at Independence Title Company. “Millennials—a large portion of Austin’s population—have never seen interest rates go above 10 percent, so some might be concerned about the impact higher interest rates will have on Austin’s housing market and economy.
Two weeks ago, the Federal Reserve raised short-term interest rates for the first time since 2006 — a move that will cause a gradual uptick in rates for home loans.
“Even with this increase, however, interest rates are still among the lowest they have ever been, and we do not anticipate a significant impact on the Austin-area housing market.”
November 2015 Statistics
- 1,814 – Single-family homes sold, four percent less than November 2014.
- $270,000 – Median price for single-family homes, 10 percent more than November 2014.
- $347,292 – Average price for single-family homes, 12 percent more than November 2014.
- 54 – Average number of days single-family homes spent on the market, one day less than November 2014.
- 2,095 – New single-family home listings on the market, one percent more than November 2014.
- 5,703 – Active single-family home listings on the market, three percent more than November 2014.
- 1,965 – Pending sales for single-family homes, four percent more than November 2014.
- 2.4 – Months of inventory* of single-family homes, unchanged compared to November 2014.
- $629,987,688 – Total dollar volume of single-family properties sold, eight percent more than November 2014.