Real Estate Market Update: August, 2015
The median price for Austin-area homes jumped eight percent from August, 2014. In five years time, the median home price has increased 30 percent, or $65,000. Total volume sold was slightly under the $1 billion level (records set the previous two months), at $970,071,660, a 15 percent year-over-year increase. This demonstrates the staggering equity real estate can create.
Homes sold increased eight perfect from the same period last year, while days on market remained unchanged at 42.
Median lease payments in the Austin area increased seven percent in 12 months to $1,600.
Affordability remains a top concern for the Austin Board of REALTORS® (ABOR). Barb Cooper, 2015 President of ABOR said, “As Austin REALTORS®, we’ve seen our city expand in ways we never could have imagined, but household incomes have not been expanding at the same rate as the cost of living in Austin. We will continue working with our city’s leaders to find a solution to the complex affordability issues, with the end of goal of providing affordable and diverse housing stock for our growing population that aligns with the actual incomes of Central Texas residents.”
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