The City of Austin’s median home price has set a new all time record high, for the second month in a row.
The Austin Board of Realtors’ president Kevin Scanlon said Austin proper homes’ median price rocketed up by almost 11{2db634631ef8bd3f096060bc7daa4fc6677d16e616113d8c02bec6b420e3105c}, reaching a cost of 420-thousand dollars in June. Metro Wide, he says home costs grew at a more moderate rate of 3{2db634631ef8bd3f096060bc7daa4fc6677d16e616113d8c02bec6b420e3105c} raising the metro wide median home price to $334,700. The number of total metro sales crept up by just 0.5{2db634631ef8bd3f096060bc7daa4fc6677d16e616113d8c02bec6b420e3105c}, while in Austin proper the number of homes sales shrunk by 2.3{2db634631ef8bd3f096060bc7daa4fc6677d16e616113d8c02bec6b420e3105c}.
Looking at the Metro market as a whole Scanlon explained, earlier this year, the market was expected to temper or normalize. But Scanlon has not seen anything like that happen. “Homes that are well priced, in good condition and in good neighborhoods are still going very quickly. Often times in very hot areas of town with multiple offers well over list price.”
The sole negative of the market, Scanlon said, continues to be the low levels of inventory. (Metro wide inventory levels hold at 2.7 months) He says realtors are getting frustrated as they represent buyers who put out as many as 10 offers on different homes, and are not able to close due to the strength of the market.
(Photo:Shutterstock/karamysh)
