The Austin real estate market maintains strong fundamental growth. The continuing job and population growth are driving the Austin economy. This continues to support sustainable demand for housing and constrained inventories. The Austin Board of Realtors reported single family home sales in the five-county MSA increased 6.1% year over year to 14,482 home sales in the first
half of 2016.
The Austin Housing Market:
- "Despite the ongoing housing shortage and affordability challenges impacting our region, population growth and housing
demand continue to drive the home sales upward," said Austin Board of Realtors President, Aaron Farmer."
- In the five-county MSA, June 2016 had a total of 3,219 in home sales, an increase of 8.5% year over year. In the City of Austin, home sales increased 2.6% to 975 in June 2016 year over year and 3.4% to 4,465 for the first half of 2016.
- The median home price rose to $282,000 and increase of 7% year over year for the first half of the 2016 and increased to
$295,500 for June 2016, an increase of 8.2%.
- Total single-family home inventory remained unchanged from the year prior at 2.5 months’ supply. This inventory is still extremely tight, and the market remains a 'seller's' market. An inventory level of 6.0 months is a balanced market in which
the supply and demand for homes is in equilibrium.
- Single Family Home permits for the month of May totaled 1,264 according to the Texas A&M Real Estate Center, a
10.1% increase year over year.
The Austin Economy:
- Austin added 7,800 new jobs in June, an increase of 4.0% year over year.
- Unemployment in June 2016 ticked up slightly from May at 3.3% with the largest decrease of payroll employment in the government sector at -0.7 percent. This is well below the National unemployment rate of 5.1%.
- Although Austin's unemployment rate ticked up slightly in June from May, the state capital, facing the tightest job market
it's seen in years, is now tied with Amarillo for the lowest metro unemployment rate in the state.
- As reported in the Austin Relocation Guide, Texas is the No. 1 state where California companies settle, ahead of nearby Nevada and Arizona, which rank second and third, respectively. Metro areas benefiting from California divestment events show Austin-Round Rock-San Marcos in the top spot.
"The Austin-Round Rock housing market is on track to outpace 2015 market levels, which was a record breaking year for home sales." said Austin Board of Realtors President, Aaron Farmer.
Should you have any questions, please feel free to contact our office at (713) 535-2250. For more information on our
company, please visit our website at
McAlister Investment Real Estate
1 MLS Report: http://www.abor.com/ (released July 12, 2016)
2 Real Estate Center, Texas A&M University Housing Activity
3 Texas Workforce Commission