June Home Sales Prove Austin isn’t Slowing Down

Home sales in the City of Austin continue to soar. The median price of homes in June increased by 2.9% and is now $350,000. Home sales in general increased to 975 homes closed on in the month June, which is up 2.6% from the year before.

Jim Gaines, the Chief Economist at the Real Estate Center at Texas A&M University recently stated that “The Central Texas housing market is performing very well, but extreme housing shortages across the region continue to be a challenge. Homes under $300,000 have less than two months of inventory in the Austin-Round Rock MSA, which means that housing at these price ranges is essentially nonexistent. The growing “donut effect” of homes sales activity as homebuyers move outside Austin city limits in search of more affordable housing is on pace to continue in the near future.”

The infographic below (courtesy of ABoR), gives a colorful illustration of the report’s full statistic.