ABoR: Austin to finish 2019 on high noteABoR: Austin to finish 2019 on high notehttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=236262019-12-18T06:00:00Z2019-12-18T16:00:00Z

​​​AUSTIN –​​ Central Texas' real estate market is headed for record-breaking sales this year, according to the Austin Board of Realtors'​​​ (ABoR)​​​​​ November market report.  

Last month, home sales throughout the five-county Metropolitan Statistical Area (MSA) grew 14.3 percent to​ 2,554 sales, pushing the year-to-date total to 30,561, approximately 300 homes shy of last year's total sales volume. ​

Area sales dollar volume grew 18.3 percent last month to $984.2 million, and the median price for a single-family home increased 1.7 percent to $305,000.​​

Over the month, new listings decreased 0.5 percent to 2,351 listings, and active listings decreased 14.7 percent to 5,744. However, pending sales spiked 21.9 percent to 2,526 pending sales.

Monthly housing inventory declined 0.5 months year over year to 2.1 months of inventory. The Real Estate Center considers six to 6.5 months of inventory a balanced market. 

"Because the demand in Austin continues to outpace the supply, the market is experiencing increased urban sprawl," Kevin P. Scanlan, 2019 ABoR ​​​president, said. "Limited and pricey housing within the urban core is driving residents to relocate to the suburbs. Until we adopt a refreshed land development code that focuses on diverse housing options for all income levels within the city, homebuyers will continue to flood surrounding towns." 

texaslogo.pngThe Real Estate Center has more information on housing:​
Austin Board of Realtors
Austin-Round Rock
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