The August 2017 Central Texas Housing Market Report is out from the Austin Board of REALTORS®. According to the report, the Central Texas summer selling season was the strongest on record:
Brandy Guthrie, 2017 President of the Austin Board of REALTORS®, commented: “The Central Texas housing market just experienced the strongest summer selling season on record. The Austin-Round Rock MSA saw record breaking growth, during which median price topped $300,000 and home sales volume topped $1 billion four consecutive months in a row.”
Here are the basic stats on single-family home sales for August 2017 for the City of Austin and the greater Austin area:
However, there are signs of normalization on the distant horizon:
Dr. Jim Gaines, Chief Economist for The Real Estate Center at Texas A&M University, agreed: “The Austin-Round Rock MSA looks like it is moving toward a more normalized housing market. Similar to what we’re seeing across the state, housing inventory levels are slowly increasing, despite continued increases in sales volume and median price. That could indicate that in the latter half of 2017, we will likely experience some slowing of the home price increases that have become common in recent years – not price decreases, as the relationship between home buying and selling activity begins to balance out."