Residential home sales in the Austin area increased 8.5% year-over-year, totaling 1,947 sales in January 2020, according to data released by the Austin Board of Realtors (ABoR). Sales prices were also on the rise, with the median price at $308,000, a 4.8% increase from January 2019. Meanwhile, housing inventory fell to 1.6 months, “driven to critically low levels in the MSA due to drops in both new and active listings,” ABoR noted.

While the news is good for demand, there are concerns that continued lack of inventory will continue driving up prices. Noted Lawrence Yun, chief economist with the National Association of Realtors: “Austin’s engine of job and population growth is not projected to slow down anytime soon. Looking at other metro areas across the U.S. that have faced similar circumstances, this level of rapid, positive growth will not be sustainable without a continued influx of a variety of housing types and careful transportation planning.”

For comments, questions or concerns, please contact Amy Sorter