November 21, 2019 at 10:51am | Crystal Gonzales

October 2019 Market Report

Home sales in Austin experienced a double-digit percent increase in October—creating a new record even as the inventory of single-family homes in Austin dropped to an all-time October low—according to the latest monthly report from the Austin Board of REALTORS® (ABoR).
In the city of Austin, the median price for a single-family home increased 8.9% to $405,000—the highest median price for any October on record.
“If you restrict density and resist growth, especially in a rapidly growing community like Austin, you’re going to drive home prices up. That means everyone below a certain income level won’t be able to afford to live in the community,” Jon M. Roberts, principal at TIP Strategies, Inc., said. “The more a community advocates for no-growth and restricting density, the more exclusive that community is going to become.”
The city’s escalating demand and record-breaking median home price resulted in a 21.4% increase in sales dollar volume, raising October’s total to $407,873,084. During the same period, new listings decreased 5% to 840 listings; active listings decreased 25.1% to 1,229 listings; however, pending sales increased 8.4% to 745 pending sales. Housing inventory decreased 0.6 months year over year to 1.5 months of inventory.
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