Austin's May Numbers
AUSTIN, Texas – June 15, 2018 – 34-year-old Land Development Code continues to hold back housing market AUSTIN, Texas – Decreasing housing inventory paired with strong demand continues to drive Austin’s growing affordability crunch, according to the May 2018 Central Texas Housing Market Report from the Austin Board of REALTORS® (ABoR).
In the city of Austin, the availability of housing compared with demand — as measured through inventory — continues to be historically low while median home prices have reached historic heights. The median price for single-family homes in the city of Austin increased 3.7 percent year-over-year to $389,000 in May, an all-time high for the city. While home sales rose 5.9 percent to 1,037 sales, housing inventory decreased from 2.1 months last year to 2.0 months during the same time frame. There were fewer active listings as well, as the amount of homes available on the market decreased 6.8 percent to 1,533 listings.
Image Credit:Austin Board of Realtors
“Our current market imbalance in Austin is made worse by an antiquated land development code that places unnecessary constraints on building the number and variety of homes our community needs,” Steve Crorey, 2018 president of the Austin Board of REALTORS®, said. “Austin’s lack of housing choices disadvantages first-time homebuyers, families with children, and middle and lower-income buyers. Coupled with rapid population growth, it’s driving an affordability crisis that leaves many residents looking for homes far from job centers and essential services.”
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