The white-hot Austin real estate market just broke another record.
The Austin Board of Realtors says home sales were up 35 percent last month in the Austin area compared to last July. Some 3,135 homes were sold last month – the most homes sales ever recorded in Austin. And homes are selling faster – spending an average of 41 days on the market. A year ago, homes spent an average of 64 days on the market.
The news comes after a somewhat surprising dip in home sales last month.
Meanwhile, home prices are going up. The median price is more than $228,000. Combined, sales last month totaled $933 million – a 43 percent leap over last July.
Austin’s rental market is equally hot – there were nine percent more leases signed this July than last. The Board of Realtors says $1,400 is the median price of an Austin-area lease. A report last month stated Austin apartment rents are at an all-time high.
Here’s more numbers from the Austin Board of Realtors:
- 3,523: New single-family home listings on the market (22 percent more over last year)
- 6,104: Active single-family home listings on the market (20 percent fewer than last year)
- 2,773: Pending sales for single-family homes (20 percent more than last year)
- 2.8: Months of inventory of single-family homes (That’s 1.5 months less than last year.)
