The Austin Board of REALTORS (ABOR) reported that a record-setting number of June transactions contributed to a 16.5% increase in home sales during the first half of 2021. A record of 4,369 Austin homes was sold in the month of June, an 8.6% increase year over year.
Home prices continue to skyrocket, as the median price increased 43% to $482,364—an all-time record. Sales dollar volume jumped 55.7% to $2,621,271,158, as pending sales slightly decreased 1.8% to 4,419.
Housing inventory declined 1.1 months to 0.6 months of inventory. Although the market is tight and competitive, ABOR reports that more homes are being sold than in previous years.
“Our market has established its own new normal, as median prices climb while inventory remains low,” says Susan Horton, 2021 ABoR president. “With the unprecedented growth our region continues to experience, we can expect these trends to continue.”
More homes are continuing to be listed, as new listings increased 23.8% to 5,170 listings in June 2021, while active listings dropped 56.3% to 2,265 listings. Homes in the Austin-Rock Rock area spent an average of 13 days on market compared to last year at 46 days. This means that while new homes are increasingly being listed, they are quickly going under contract.
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