Heading into summer, Austin housing market remains hot
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Illustration: Aïda Amer/Axios
Austin's housing market continues to break records.
The big picture: Median home prices in the metro climbed in April, up 19.6% compared to one year ago to a record $550,000, per the latest housing report from the Austin Board of Realtors.
By the numbers: In the Austin metro area, residential home sales declined 6.2% year-over-year to 3,280 closed sales. Within city limits, home sales dipped for the second month in a row, but were just 216 homes shy of breaking last year's record.
- Housing inventory increased year over year, the biggest gain since the summer of 2017.
Yes, but: That doesn't mean it's much easier to buy a home in Austin.
- The median home price within the city limits rose 16.3%, setting a record of $640,000.
- Flashback: Nearly 25% of all Austin home and condo purchases in the last 12 months or so have been all-cash, a high hurdle for most homebuyers.
What they're saying: The area has "far from a healthy number of homes" for sale, according to Austin Board of Realtors president Cord Shiflet.
- "Any increase in housing stock, no matter how small, is a welcome sign for people looking to buy," Shiflet added.
The bottom line: Blame the ceaselessly competitive market on the influx of tech talent and other workers relocating to Austin.
- "Our area continues to really be influenced by companies targeting the Austin area for job creation and expansion, and that relocating workforce needs a place to live," Shiflet said. "Austin continues to be a demand-driven market."