AUSTIN – The local housing market held steady in March amid shelter-in-place orders, according to the Austin Board of Realtors (ABoR).
In March, residential sales increased 2.2 percent year over year to 3,042 sales. Median price increased 11.7 percent to $335,200.
Monthly inventory declined 0.7 months to 1.6 months. The Real Estate Center considers six to 6.5 months of inventory a balanced market. Average days on the market fell 65 days to 54 days.
New listings decreased 12.7 percent to 3,770 listings, and active listings dropped 26.6 percent to 4,908 listings. Pending sales fell 19.2 percent to 2,852 pending sales.
Romeo Manzanilla, ABoR president, says the true impact of COVID-19 won’t be seen until April.
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