January 20, 2020 Comments Off on Austin Area Closes Decade with Record-Breaking $13B in Home Sales Views: 480 Austin, Texas News

Austin Area Closes Decade with Record-Breaking $13B in Home Sales

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The Austin-Round Rock MSA sold more homes in 2019 than any other year on record, according to information released from the Austin Board of Realtors (ABoR). The organization’s December and year-end 2019 Central Texas Housing Market Report reflected a record-breaking 33,084 homes sold, with $13.2 million in sales volume. Over the decade, the area reported a record-breaking $13 billion in home sales.

“Austin’s unprecedented population growth during the past decade has heavily impacted the real estate market,” said 2020 ABoR President Romeo Manzanilla. He added that the growth put upward pressure on median home prices, increasing them from $193,520 in 2010 to $318,000 in 2019, with no slowdown in site.

Another reason for the price increase is inventory scarcity, with 1.7 months of inventory available. “If we don’t take action to increase housing supply in Austin, we will continue to see exponential increases in home values,” Manzanilla said.

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