Home Sales Volume Stalled for September
Fall is here and the real estate market is feeling the punch. The average home sales are slowing down a bit from the huge summer craze but home prices continue to climb in the Austin/Metro area. This is due to the high demand and lower inventory on the market. ABOR did a recent housing market report for Austin and the surrounding counties of Travis, Hays, Williamson, Burnet, and Caldwell. They are all showing around a 9% decrease in home sales volume and available inventory.
Median Home Prices Increase
Even though home sales have stalled, median home prices in the Round Rock area have continued to climb 4.2% from last year. The median home price in Round Rock is $302,250 and in the greater Austin area it is $365,000. What does this mean for the Central Texas Real Estate housing market? Rising interest rates are playing a major role in buyers housing decisions and also the rising costs of homes.
Real Estate Market/Economic Growth
The slow start to the fall season does not necessarily mean the real estate market is stalled in the Lone Star State, it simply means the growth slowed down. That being said Austin, is still one of the fastest growing cities in the country and there are no signs the economy will slow anytime soon. Even with the start of the fall home selling season stalled, it is still up over 3% from early 2017. The Real estate market for Central Texas is still going strong due to the demand for housing and City growth in jobs. Time will tell how the winter months will do for home sales volume and median home prices but it looks steady in terms of the real estate market. For more in depth housing market news you can check out ABOR.