April 2017 Market Report

[David Ivy]

The April 2017 Central Texas Housing Market Report is out from the Austin Board of REALTORS®:

Here are the basic stats on single-family homes sales for April 2017 for the city of Austin and the greater Austin area:

Strong housing development activity is fueling single-family sales growth across Central Texas:

“The Austin area is delivering more lots than ever before, and as a result we’re seeing strong gains in new home starts so far this year, particularly in suburban areas in northeast Travis County and throughout Williamson County,” said Vaike O’Grady, Austin Regional Director for Metrostudy. “Rising development and construction costs as well as regulatory hurdles, however, are impeding growth in some markets, causing some builders to look outward in attempt to meet buyers’ affordability needs.”

“Millennials, who make up more than one-third of Austin’s population, are looking for attractive, smaller homes close to amenities and major thoroughfares,” added O’Grady. “Several developers have already proven that communities with smaller homes and lots can be successful in Austin, but it’s increasingly difficult to find areas where this type of product can be built. Our region’s cities need a compromise of vision between preservation and necessary change in development in order to meet the demand for affordable new homes.”