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Texas Housing Market Heating Up

Housing Market

Summer is not the only thing hot in Texas, as the Austin American Statesman reveals that Central Texas’ housing market is hitting record highs. 

“In the first half of the year, monthly home sales in the Austin-Round Rock MSA consistently outperformed previous years. We are on track for another very strong year,” said Kevin Scanlan, President of the Austin Board of Realtors.

The report states that sales of single-family homes and median sales prices in June across the five-county Austin-Round Rock metro reached the highest level for any June on record. 

Median home prices in Austin rose to $420,000—the highest it's ever been for any month of record and an increase from $407,400 in May. 

Travis County saw median sales prices remain at $400,000, which is a new record for the county, according to the board. 

“The Austin real estate market is still red hot,” said Donna Blair,  owner of Blairfield Realty in Austin. “Properties that are desirable and priced well are in short supply and high demand. In many cases, hot properties are getting 10 to 15 offers, and buyers are willing to pay excessive amounts above the list price and even above the highest comps in the neighborhood to secure a property.”

A total of 16,203 homes changed hands from January to June across the five-county Austin-Round Rock region, which is a 4.3% year-over-year increase. 

The board said 3,349 homes were sold in June, which is an-time high although just 0.5% higher than last year. 

Central Texas isn’t the only region seeing an increase in home prices, as Redfin found that home-sale prices increased year-over year by 3.4% in June to an average of $321,000, which is the third-consecutive month of growth. 

The report states that the growth rate of home prices was similar to May’s rate, but down 5.5% year-over-year increases in June 2018. 

Redfin reveals that just six of the 85 largest metros tracked by Redfin saw annual declines in sale prices. San Jose, California, was the biggest market to see decreases, with home prices falling 4.9% from 2018.

 

About Author: Mike Albanese

A graduate of the University of Alabama, Mike Albanese has worked for news publications since 2011 in Texas and Colorado. He has built a portfolio of more than 1,000 articles, covering city government, police and crime, business, sports, and is experienced in crafting engaging features and enterprise pieces. He spent time as the sports editor for the "Pilot Point Post-Signal," and has covered the DFW Metroplex for several years. He has also assisted with sports coverage and editing duties with the "Dallas Morning News" and "Denton Record-Chronicle" over the past several years.
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