The Austin Board of Realtors just released the official numbers for the month of July and in the City of Austin, the average sales price hit $345,000 in July 2016, a 4.6 percent increase from last year, while the number of homes sold in July declined by 7.3 percent. Housing inventory rose slightly from 2.1 months in July 2015 to 2.4 months in July 2016 and homes spent four more days on the market than the previous year.
What do those numbers mean? Well, home values in Central Texas continue to increase, which is great news for homeowners, but I believe those rising prices are starting to have cooling effect on the number of homes sold because of affordability. Home buyers, especially first time home buyers are being pushed further and further from Central Austin because they can’t afford the high prices. This will effect demand in Austin which should slow rising home values in Austin.
If you want to know more about the market in Williamson County, check out this post. If you have any questions about real estate or are thinking of buying a home, drop me a note or call me and I’d be happy to help!