July 2018 Market Report

[David Ivy]

The July 2018 Central Texas Housing Market Report is out from the Austin Board of REALTORS® (ABoR). Despite tight housing inventory, rising interest rates, and affordability challenges, Austin posted double-digit increases in both single-family home sales (up 13.5% YOY) and sales dollar volume (up 19.8% YOY). The median single-family home in Austin sold for $390,000, which is up 6% from July last year. Moreover, the five-county metropolitan region experienced the highest home sales volume since July 2011 and the highest median sales price ever at $320,000.

According to Steve Crorey, 2018 ABoR president, "This means we could see another uptick in home sales growth in August to end the summer selling season on a high note.”

Here are basic stats on single-family home sales for July 2018 for the City of Austin and the greater Austin area:

Demand for Central Texas housing remains incredibly high. According to Metrostudy, "Housing construction is at an all-time high in Central Texas, but the pace of new housing stock entering the market can’t justify last month’s jump in sales growth on its own. These gains in home sales activity are being driven by pure demand."

Austin continues to export affordability to the suburbs, and there just isn't enough inventory. Crory adds, "Home sales are up across the board in the Austin area, but declines in housing inventory are almost just as steep. The city of Austin, in particular, lost almost half a month of inventory from July 2017 to July 2018. That's a lot of inventory to lose year over year. ABoR housing market data underscores not only the ongoing strong housing demand in our region, but the critical need for more housing stock at all price points in and around Austin.”