Austin March(es) up to seven-year high home sales

AUSTIN – The Austin-area home sales volume hit a seven-year high in March 2014, rising 7 percent year-over-year to 2,262 single-family homes sold, according to a report by the Austin Board of Realtors.

Monthly housing inventory decreased 0.4 months year-over-year to 2.2 months in March 2014. Austin-area homes also continued to sell at an accelerated rate, spending an average 51 days on the market and 13 days fewer than in March 2013.

The median price for single-family homes was $231,750 in March 2014, a 6 percent increase from the same month last year, whereas average price increased 5 percent to $296,640. The total dollar volume of single-family homes sold was $670,999,680, a 12 percent increase from March 2013.

In addition, the market featured 2 percent fewer new listings, 5 percent fewer active listings and 3 percent fewer pending sales in March 2014 compared to the prior year.