August 2019 Austin Market Report

[David Ivy]

The August 2019 Central Texas Housing Market Report is out from the Austin Board of REALTORS (ABoR). The close of August marked the end of the summer "selling season" in Austin. Area home sales continued to increase despite fewer available listings and a crippling 1.8 months of inventory in the city. The median Austin single-family home sold for $405,000, up 3% from the August prior. The extreme imbalance between housing supply and buyer demand looks to continue for the foreseeable future in the Austin area. While this drives increasing prices, we have yet to see prices significantly curb buyer demand.

ABoR president, Kevin P. Scanlan, added his commentary: While it's typical to see a decrease in housing inventory and listings at the end of the summer, the continued year-over-year decrease in supply is proof that Austin's housing stock is critically limited. We’re encouraged by the City Council's stated commitment to creating more housing capacity. Increasing the supply and variety of housing is the only way to ensure a more balanced market."

Here are basic stats on single-family home sales for August 2019 for the City of Austin and the greater Austin area:

New home builders may give some substantial help in the Austin area on the supply side this fall and into next year. "The August MLS numbers align with what we're seeing in the new home space," said Vaike O'Grady, Austin regional director for Metrostudy. "Developers and builders haven't been adding enough lot and home inventory to keep pace with market demand. The good news is developers brought online a record number of lots in late spring," O'Grady said. "New home supply should offset the lack of resale inventory as we enter the fall."