Austin home sales dropped slightly last month according to statistics from the Austin Board of Realtors (ABoR), Community Impact reports.
2,767 homes sold in May, down 2%, which ABoR blames on the record-setting rise in housing prices in the Austin-area. Home values usually go up 4 percent annually, but in Austin, they've increased 9 percent since a year ago.
Austin Board of Realtors estimates that just 25% of all homes going on the market in the #Austin area are under $200,000. The median price for single-family homes is $271,000 and the average price is $348,201. This makes the majority of single-family homes out of reach of the buying power of most homebuyers. It also makes it impossible for builders to construct homes in the area that are under that magic $200k mark.