Austin Housing Market is Hot
AUSTIN, Texas – July 22, 2013 – According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS® (ABoR), Austin-area year-over-year housing inventory fell to 2.9 months in June, a decrease of 1.5 months from June 2012. Mid-year statistics for 2013 reinforced a strong demand for the market, including a 19 percent increase in home sales and 25 percent less days on the market compared to the first six months of 2012.
Cathy Coneway, 2013 Chairman of the Austin Board of REALTORS®, explained, “While the Austin-area real estate market is strong, Austin’s housing inventory has reached a critical level. If the cost of development in the area does not decrease, Austin residents will not have enough housing options and availability necessary to meet growing demand.”
According to the report, homes spent 43 days on the market, which is a decrease of 16 days from one year prior. The market featured eight percent more new listings, 22 percent fewer active listings and 16 percent more pending sales in June 2013 compared to the prior year. This is on par with mid-year results, which show a five percent increase in new listings, 25 percent fewer active listings and 17 percent more pending sales than the first six months of 2012.
The total dollar volume of single-family properties sold was $841,090,524, or 15 percent higher than the same month last year. Year to date, total dollar volume increased by 31 percent, totaling $3,838,604,341 for the first half of 2013. This is already 62 percent of the total dollar volume of home sales for all of 2012.
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