March saw the highest ever price for Austin-area homes, the Austin Business Journal reports. On the heels of the new record, Austin realtors have made a plea to the city government to help as Austin becomes increasingly unaffordable for many.
The Austin Board of Realtor's latest numbers put the median price for single-family homes in the Austin area to $255,000 last month. That's a 10 percent increase over last March. The average home price was $334,758, an increase of 13 percent over the last year. In addition, only 3 in ten single-family homes sold in the area in March cost less than $200,000.
Realtors warned the city that not only do new affordable units need to be constructed, but Austin's existing housing stock also needs to be maintained and preserved. In addition, the ABOR asked the city to take steps to be sure Austinites are living in safe, code-compliant homes that they can quickly and easily make improvements to.
There were 2,440 homes sold last month, an increase of 13 percent over a year ago and the highest number ever for March. Over 50% of the houses sold last month in the area were outside of the Austin city limits, mostly in Round Rock, Pflugerville, Georgetown, Cedar Park, Leander, Kyle and Buda.
Austin's monthly housing inventory continues to be well below the figure for a balanced housing market. Housing inventory stands at 2.2 months, while 6.5 months is considered a balanced housing market.