After a lull in real estate sales during the typically peak spring selling season, the Austin real estate market is showing a rebound in full force this summer.
In the City of Austin, the median sales price rose to $423,000; this figure is up 11% compared to last July. The total number of home sales within the city limits also increased 21% from July 2019. There were 1,470 closed residential home sales in the City of Austin last month. Inventory remains critically low, and we are seeing homes spend less time on the market too. Within the city limits, homes spent an average of 29 days on the market in July.
Within the greater Austin area, we saw similar trends. The median sales price for single family homes in the Austin-Round Rock MSA increased 10% from July of 2019, and the number of total homes sales for July increased at the same year over year rate as within the city limits, 21%. Homes in the greater Austin area spent a little more time on the market last month compared to homes within the city limits. The average days on market within the Austin-Round Rock MSA was 44 days last month - still 3 days less than July of 2019.
Unprecedentedly low interest rates are fueling buyer demand, and despite Covid-19 concerns the Austin economy is still managing to create new jobs that spur an influx of new residents. Combined these factors resulted in the second strong month of consecutive home sales within the greater Austin area. Now, the real question is do we have enough housing supply to keep up with buyer demand?
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