By the Kent Redding Group
AUSTIN, TX. - Thanks to recent data from the Austin Board of Realtors, we know that from May 2017 through August 2017 Austin experienced the highest grossing summer selling season ever.
What can we attribute this Summer’s awesome real estate market to? We can attribute the success of the real estate market to a variety of factors including steady mortgage interest rates, rising home prices and of course huge demand from buyers.
Not to mention the fact that Austin continues to be one of the top cities in the United States for relocation thanks to things like a higher quality of life than other cities in the United States, more recreation options and of course more opportunities for job growth, careers and so much more.
In August 2017, single-family home sales increased 1 percent in the metro area and 6 percent in Austin proper. At the same time, the median home price in the metro reached $300,000; in the city of Austin, the median home price hit $361,000.
While home sales increased and prices grew, housing inventory was also on the rise. That signals a move to a more normalized housing market, says Dr. Jim Gaines, chief economist for The Real Estate Center at Texas A&M University. So what should we expect for the latter part of 2017? While we won't see price decreases, as housing levels rise, we could see a slowing of home price growth.
Still, affordability is a major concern in Austin and the greater Central Texas area.
"While we’re currently seeing positive upticks in housing inventory across our region, housing prices will continue to rise with demand," Guthrie says. "As Central Texas Realtors, it’s our commitment to advocate for affordable housing options, particularly within entry-level home buyers."
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