The cost of single-family homes in the metro is rising because of an imbalance between supply and demand.
The Austin Board of Realtors (ABoR) recorded 3,189 home sales through the MLS in August 2019, a 5.8 percent increase from last year.
However, while home sales continued increasing, market listings continued to decrease.
New listings dropped 7.1 percent year over year to 3,457 listings. Active listings decreased 9.3 percent to 7,074.
“While it’s typical to see a decrease in housing inventory and listings at the end of the summer, the continued year-over-year decrease in supply is proof that Austin’s housing stock is critically limited,” said ABoR’s Kevin P. Scanlan.
Due to the lower supply and higher demand, the median price for single-family homes increased 2 percent over the year to $326,000.