Central Texas Homes Sales Set New January Records

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Real Estate

We are well into the new year and the housing market is still on a major role. The Stateman's did an article on the Central Texas housing market and the continued record breaking house sales and median home prices. You can see the article below.

Record Sales and Home Prices

For the seventh year in a row, the Central Texas housing market in 2017 set records for both the number of sales and the median sales price, which rose to $299,900, up 5.4 percent over 2016.

The metro area saw 1,655 home sales in January, the board said, a 8.5 percent increase over January 2017. Half the homes sold for $290,000 and half for less, for a 3.6 percent increase in the median sales price. Both figures were records for a January, the board said.

“In 2018, Central Texas’ housing market will continue to see an increase in both sales and price, despite inventory levels remaining low,” said Jim Gaines, chief economist, Real Estate Center at Texas A&M University. “The housing demand and lack of inventory is so great, that if supply does not increase, we could see a upwards of 5 percent growth in median home prices within the Austin-Round Rock (metro area). Inventory will be a determining factor in the direction of this year’s market.”

The supply of single-family homes in Central Texas remained at 1.9 months, the same as January 2017. That level is well below the supply of six to 6.5 months that experts say is a balanced market, tipped in favor of neither buyers nor sellers.

To get even more real estate news or to see the original source article you can visit the Austin Stateman here.