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Austin home sales reach new record in June

According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS® (ABoR), Austin-area home sales reached an all-time high for the month of June, increasing 13 percent year-over-year to 2,997 single family home sales in June 2014. Mid-year statistics show Austin-area home sales increased three percent year-over-year to 13,426 homes sold, putting 2014 on pace to potentially exceed 2013’s all-time high in sales volume.

 

Bill Evans, 2014 President of the Austin Board of REALTORS¬®, explained, “The 2014 summer selling season in Austin was expected to be strong, and June 2014’s home sales activity did not disappoint. Austin’s housing stock is rising to meet the area’s continually strong housing demand, and as a result Austin saw a sharp rise in home sales in June 2014.”

 

The rise in housing stock has led to positive figures in both monthly housing inventory and home listings. In June 2014, the monthly housing inventory was 2.8 months, the highest level of inventory seen since August 2013. New and active listings also showed positive results in June 2014, with new listings increasing two percent year-over-year to 3,701 listings and active listings increasing six percent year-over-year to 6,246 listings.

 

Year-to-date, the monthly housing inventory has increased by almost a full month since the beginning of the year as home sales have remained strong. This is notably different from 2013, which showed consistently lower inventory figures throughout the year. In addition, new listings increased one percent, active listings decreased two percent and pending sales decreased three percent from the first six months of 2013.

 

Housing development has also been a driving factor in the housing stock increase. The final Q2-2014 data from Metrostudy shows that home starts in the Austin area have increased eight percent year-over-year to 9,782 homes, as well as 6,007 vacant developed lots that have been delivered to date in 2014. In addition, the number of new homes on the market has increased by more than 500 new homes year-over-year to 4,941 homes, with new homes under construction comprising about 80 percent of that figure.

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