Redfin, the Seattle-based real estate brokerage and research company, released its latest housing report and the numbers continue to be strong for Austin with home appreciation up 10.4 percent year over year between October 2013 and October 2104, with home sales transactions up 6.4 percent.
But Austin can't come close to the numbers recorded by other cities.
Year-over-year median sales prices are up 23.1 percent in San Jose, California and 19 percent in Houston. Other markets with healthy increases in home values in the past 12 months are San Francisco at 15.3 percent, Miami at 14.1 percent, Dallas-Fort Worth (13.9 percent) and Atlanta (13.6 percent).
The median home sales price in Austin currently is $241,250. Compare that to San Francisco, the most expensive market in the U.S., which has a median sales price of $940,000.
Sales velocity has been far more modest in Austin this past year. The hottest market in terms of homes sold is Tampa, Florida, with a 19.7 percent increase in the past 12 months. Meanwhile, the velocity of sales is way down in Northern California — a year-over-year drop of 67.6 percent in San Jose and 29 percent in San Francisco, which is likely an issue of supply and demand.
Austin has increased its inventory of listings, the report shows. There are 2,850 newly listed homes, an increase of 10.6 compared to a year ago. New listings have increased the most in two inland California cities — Fresno and Riverside both with a 19.6 percent uptick. New listings have declined the most in San Francisco and Phoenix, both with a 9.3 percent drop year over year.
The total number of homes for sale has increased the most in Riverside, California. The 19,600 homes on the market reflect a 63 percent increase year over year through October. Austin, by comparison, has 6,400 listings — a year-over-year increase of 7.3 percent. The most homes on the market are located in Chicago — 48,650. Houston with 16,700 homes for sale is experiencing the severest decline — 12.4 percent year over year — perhaps a reason why prices are shifting upward there.
Jan Buchholz covers commercial and residential real estate, construction and architecture and retail and restaurants for the Austin Business Journal.