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Home Sales See Winter Drop, but Prices Rise

Inventory remains low

A post on the Austin Board of Realtors website yesterday reports that single-family home sales in the area decreased 1.9 percent in last month compared to those in January 2015. The median sales price, however, increased 6.3 percent for the same period.

According to the site, there were 1,459 home sales in January 2016. The median sales price was $254,999. The average home sales price for the period also increased 3.8 percent, to $322,620.

The reported also noted that Austin housing inventory was far below that needed for a balanced market, according to a Texas A&M study. ABoR President Aaron Farmer, Momark Development's Terry Mitchell, and HousingWorks' Mandy De Mayo are quoted on the subject of how to increase affordability.