Some signs of moderation, but Austin is still in demand.
For September of 2015 unit sales for Austin single family homes* were unchanged from the same period in 2014 while prices increased by 6%. With the exception of January, year on year price increases were lower than we experienced in 2014 while the number of homes for sale has been consistently higher. Inventory remains at relatively low levels.
The combination of higher Austin home prices, more sales, and low inventory is an indication that Austin real estate is still in demand. But with stagnant wages and low to non-existent inflation, affordability is on the decline. The result is that many long time homeowners and investors are cashing in on equity and either downsizing or moving farther out of the city.
Of course individual neighborhoods may vary significantly from these city wide trends, so contact us if you’re interested in seeing how your neighborhood compares. We’re never too busy to answer your Austin real estate questions.
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* Source: Austin Board of Realtors(R) and The Robillard Group. Austin MLS, Property type = ‘House’, and City = ‘Austin’.