Austin-area home sales and home prices both showed year-over-year increases in Feburary, the Austin Board of Realtors said Thursday.
The Central Texas housing market showed continued strength last month, with both home sales and home prices continuing to rise, the latest figures show.
Across the five-county region, home sales rose 5.7 percent compared with February 2017 as 1,955 single-family homes changed hands, the Austin Board of Realtors said Thursday.
Half of the homes sold for $299,900 and half sold for less, marking a 3.6 percent increase in the median price last month. Housing supply remained unchanged from a year ago with an inventory of two months based on the current sales pace, the board said.
Areas with the lowest inventory and highest demand, including the city of Austin and Cedar Park, saw double-digit percentage increases in sales prices, but also experienced sales declines year-over-year, the board said. Dwindling housing inventory in the lower price ranges could be discouraging people from buying in those markets, Steve Crorey, president of the Austin Board of Realtors, said in a written statement.
Within Austin’s city limits, the median home price increased 12.2 percent to $367,701, while sales fell 6.7 percent. Inventory decreased to 1.3 months from 1.4 months in February 2017.
In the northwest suburb of Cedar Park, sales declined 6.8 percent, while the median price rose 12.5 percent, to $329,000.
“While wages and jobs in the Austin area haven’t increased, the local economy remains strong and continues to attract new residents and potential homebuyers,” said Mark Sprague, state director of information capital for Independence Title. “This population growth is putting additional pressure on local housing markets with already critically low housing inventories, leading to sharp price increases that both homebuyers and new home developers cannot keep up with.”
In Leander, where there’s a greater supply of new homes, February sales increased 13.9 percent, and the median price declined 6.6 percent, to $269,900.
Round Rock saw a 2.8 percent sales bump, and the median price ticked up 6 percent to $263,840.
In Williamson County overall, sales rose 13.1 percent year-over-year and the median price increased 1.1 percent, to $275,000. Overall, inventory increased slightly to 2 months of supply, compared to 1.9 months in February 2017.
Hays County also showed a significant increase in home sales, the board said. February sales climbed 12.1 percent, and the median price increased 6.7 percent to $255,000.
In Buda, sales were down 3.5 percent in February and the median home price remained unchanged at $279,900. Kyle had a significant increase in sales— 21.2 percent — compared to the previous February, and the median price was up 2.8 percent, to $213,000.