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September 20, 2019 Comments Off on Austin Housing Market Shows Supply-Demand Imbalance Views: 571 Austin, Texas News

Austin Housing Market Shows Supply-Demand Imbalance

August 2019 Austin-area home sales continued increasing, while market listings continued to decrease on a year-over-year basis. According to the Austin Board of Realtors (ABoR), the reason is due to an imbalance between supply and demand — an imbalance that is continuing to drive up the cost of homes throughout the metro.

“While it’s typical to see a decrease in housing inventory and listings at the end of the summer, the continued year-over-year decrease in supply is proof that Austin’s housing stock is critically limited,” said Kevin P. Scanlan, with the Austin Board of Realtors. Added nonprofit HousingWorks Austin’s Nora Linares-Moeller: “Austin needs more duplexes and multiplexes to provide more affordable options at different price points,” she said.

Single-family home sales increased 5.8% to 3,189, while the median price was $326,500, a 2% year-over-year increase. New listings decreased 7.1% to 3,457 and active listings decreased 9.3% to 7,074. Inventory stood at 2.7 months.

Read more at ABoR

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