With Austin-area home sales up for another month in September, Central Texas REALTORS® urge homebuyers to vote for housing affordability on Nov. 3.
Austin Board of REALTORS® releases real estate statistics for September 2015
AUSTIN, Texas – October 22, 2015 – According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS® (ABoR), Austin-area single-family home sales and prices hit an all-time high for the month of September. Home sales increased by seven percent year-over-year to 2,603 home sales and median price increased eight percent year-over-year, reaching $258,000 in September 2015.
Barb Cooper, 2015 President of the Austin Board
of REALTORS¬®, explained, “While current demand bodes well for home sales throughout the rest of year, affordability issues continue to impact Austin-area homebuyers. Fortunately, we have two strong solutions on the November ballot to help increase housing affordability and support Central Texas infrastructure growth.”
On next month’s ballot, Proposition 1 would permanently lower the cost of homeownership in Texas by raising the homestead exemption from $15,000 to $25,000 for most homeowners and from $25,000 to $35,000 for homeowners who are disabled or over the age of 65. That change would mean a permanent property tax reduction
of $125 per year for the average Texas homeowner. Additionally, Proposition 1 would create a permanent ban on real estate transfer tax, protecting Texas’ housing affordability in the future.
The Austin Board of REALTORS® also supports Proposition 7, which will bring increased funding for Texas transportation projects and ensure future sustainability of the state’s infrastructure by closing the gap on the $5 billion in transportation needs that go unmet each year.
“We need a combination of property tax relief, broader development of medium-density housing options, and funding for transportation projects to have a lasting impact on Central Texas affordability and infrastructure,” added Cooper. “Central Texas REALTORS® urge Austin-area voters to vote ‘yes’ on November 3 for both Proposition 1 and Proposition 7 to help ensure Texas is an affordable place to live and work in the future.”
According to September’s MLS report, the average price for Austin-area single-family homes increased five percent to $324,150 in
New listings increased 11 percent to 2,860 listings and active listings increased by four percent year-over-year to 6,759 listings. In addition, pending sales increased nine percent to 2,391 single-family home sales. Homes remained on the market for an average of 47 days in September 2015, three more days than September 2014.
Monthly housing inventory remained unchanged compared to September 2014, staying
flat at 2.8 months. Housing inventory remains at less than half of what the Real Estate Center at Texas A&M University considers a balanced housing inventory level of approximately 6.5 months.