The Austin-area continued to break records in home sales and median price for single-family homes last month, according to the November 2014 Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS® (ABoR). In November, home sales and median price were the highest ever recorded in the month of November for the Austin area. During the month, single-family home sales increased six percent over the prior year to 1,934 homes sold and the median price for Austin-area homes was $245,000, an 11 percent increase from November 2013.
Additionally, Austin-area housing inventory was 2.4 months in November 2014, a small increase of 0.1 months compared to the prior year. Housing inventory remains consistently tight despite an increase in new listings of five percent over the prior year and an increase in active listings of nine percent compared to November 2013. Housing inventory in Austin has remained below 6.5 months of inventory for more than three years, which is the inventory figure cited by the Real Estate Center at Texas A&M University as a market in which supply is balanced with demand. In November 2014, homes spent an average of 54 days on the market, three days longer than the same month of the prior year.
For more information about buying or selling a home in the Austin area, contact Terry at 512-699-4868.