In disturbing though less-than-shocking news, the Austin Board of Realtors reported on its website Thursday that last year's area home sales—and prices—reached an all-time high. (As with climate change, we might note that this ranking is valid for the time since such things have been measured.) The number of single-family homes sold—29,068—was up 5 percent from 2014, while the median home price rocketed up 10 percent to $270,000—nearly $30,000 more than in the previous year. Single-family sales totaled $9.6 billion, $1 billion more than last year's.
In the report, ABoR president Aaron Farmer cites the area's swelling population as the prime mover behind the increases. He mentioned low inventory and rising development prices as contributing causes and name-checked Mayor Steve Adler's Housing for Heroes initiative and campaign-season tax-relief advocacy for attempting to narrow the affordability gap. Farmer also issued statements consistent with ABoR's oft-stated position that land development code revisions will facilitate the building of more affordable housing.