by: Will Anderson Digital Editor Austin Business Journal
Single-family home sales across the metro increased slightly last month but fell in Austin proper, reflecting a shift in demand away from the urban core.
That's according to the latest figures from the Austin Board of Realtors, released Tuesday. ABOR called on voters to approve the $720 million transportation bond on the November ballot to provide traffic relief for the region, especially as more people move to the suburbs.
To put the area's home sales in another perspective, less than one in three homes sold last month in the Austin area were inside Austin city limits.
Home sales were up 1.3 percent for the entire area in September, compared to the same month in 2015, while home sales declined 4.5 percent year-over-year in the city of Austin.
The slowdown in city of Austin home sales coincided with a double-digit increase in median price, which increased 10.6 percent year-over-year to $345,000.
Other takeaways from the report, an infographic from which is embedded below:
- Metro median home price rose 7.5 percent to $275,250, up 7.5 percent year-over-year
- Across all of Central Texas, home sales were up 6.1 percent year-over-year
- Metro housing inventory increased slightly year-over-year to 2.7 months; real estate experts consider about six months of inventory to be healthy
- Housing inventory in the city of Austin and mostly suburban Williamson County is equal at 2.4 months
- Homes spent 40 days on market on average in the city of Austin, compared to 44 days in Williamson County and 48 days in Hays County.