The Austin Housing Market in the Austin Metro hit an all-time record for April last month.
Both the number of sales and the median home price were at record levels in the Austin Housing Market. The Austin American Statesman reports on the Austin Board of Realtors’ report.
Some real estate experts speculate that people are buying now to avoid any mortgage rate climbs later in the year.
2,611 homes were sold in April, which was 4.1 percent more than a year ago. The median sold price was $316,000, 3.8 percent more than April 2017.
With less housing inventory and lots of sales, the Austin housing market is a competitive one at all price points in the area from Georgetown to San Marcos.
In Austin proper, 859 homes sold at a median price of $399,000. 7.4 percent more homes sold than last April and the median price was up 9.3 percent.
Buyers still rank living in Austin as a priority. However, affordably-priced inventory in the city limits is decreasing. This has led to a rise in sales in the suburbs.
Houses priced between $150,000 and $250,000 in the Austin metro averaged less than 35 days on the market last month.
In the Austin city limits, homes priced from $150,000 to $250,000 averaged between 20 and 33 days on the market. That indicates that inventory is still too low to meet the high demand by buyers.
Affordable homes for first-time home buyers are considered those under $200,000.
Realtors cautioned that centrally located homes can go much quicker and get multiple offers.
The Federal Reserve raised interest rates in March. They are also expected to increase them again before the end of the year. Those factors have experts expecting the housing market in the second half of the year to be much slower.
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