Austin housing market stays hot, sets records for sales, home prices

Source: 
Austin American-Statesman

Highlights

Many experts predict 2016 will be similar for the Central Texas housing market.

But some warn that oil industry slump and decreasing affordability could have some impact on Austin housing.

Austin’s housing market ended 2015 the way it started the year — still among the hottest in the nation.

For the fifth straight year, Austin-area home sales set a record in 2015, the Austin Board of Realtors said Thursday.

And for the fourth year in a row, the area’s median home sales price hit a new high, rising to $263,900.

With similar market conditions still in place, experts predict 2016 will be similar for the Central Texas housing market, though affordability will remain a concern as prices push higher. In addition, potential headwinds could loom for the economy that could affect the housing market, they say.

Last year ended with 29,068 sales of single-family homes, about 4.7 percent higher than 2014’s total, according to the Board of Realtors. Half the homes sold for more than $263,900 and half sold for less, an 8.8 percent jump in the annual median sales price.

Sales and the median prices also set records for the month of December, the board said. December’s 2,390 sales were up about 5.5 percent over December 2014’s volume. The median price for homes sold in December was $270,000, 9.7 percent higher than December 2014.

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