Austin home prices rise, inventory drops

AUSTIN – The median price of an Austin area homes rose to $220,000 in March 2013, an increase of 10 percent from the same month a year ago, according to the Austin Board of Realtors. Inventory has dropped 28 percent from March 2012 and pending sales have increased 18 percent.

There were 2,166 single-family homes sold in March 2013, an increase of 16 percent from a year ago.

Other highlights include

• $220,000 — median price for single-family homes, 10 percent more than March 2012;
• 64 — average number of days single-family homes spent on the market, 20 days fewer than March 2012;
• 3,283 — new single-family home listings on the market, 2 percent fewer than March 2012;
• 5,218 — active single-family home listings on the market, 28 percent fewer than March 2012;
• 2,754 — pending sales for single-family homes, 18 percent more than March 2012;
• 2.6 — months’ inventory of single-family homes, 1.8 months less than March 2012; and
• $616,354,794 — total dollar volume of single-family properties sold, 28 percent more than March 2012.