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August Housing Market Update

HOME SALES DROPPED 4%

The Austin Board of Realtors recently released their market data for August showing the number of homes sold dropping 4% to 2,835 homes sold last month. According to the report, median price for single-family homes jumped 11% year-over-year to $247,500 and average price rose 9% year-over-year to $311,414. Single-family homes continued to sell quickly as they spent an average 42 days on the market, one day fewer than August 2013.

An astounding $882 million worth of single-family properties sold in August 2014, 4% more than August 2013. Employment opportunities fuel our economy to the extent that over 100 people per day are moving into our fair city, and they NEED HOMES.

The leasing market reflects a 3% increase bringing the median price for Austin-area leases to $1,500, which is 7% more than the same month last year.

Austin remains a HOT market. Stay tuned with the York team for the latest news.