The housing market has not just roared back to life overall, but continues to do so in individual markets. April and May were dark months for Austin, Texas’ housing market, but new records have been set for both sales volume and median sale prices since then, according to National Mortgage News. Sales increased by 21.5% in July across Austin’s five counties. Median sale prices increased by 10.7%, selling at an average of $353,000. But within Austin’s city limits, sales went up by 21.4% and the median sales prices jumped by 11.3%.
The numbers are a dramatic turnaround from April and May, when stay-home orders and virus concerns hit the area housing market hard. In April, home sales had cratered 21.6%, while pending sales — an indicator of future volume — had plunged 25%.
Since then, however, the market has rebounded, bringing sales across the Austin region back to roughly where they were at the same time last year, down just 0.3% through July.
Meanwhile, some real estate agents saying they are busier than ever and that high demand and a low supply of housing continues to drive prices up.
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