Home Prices Dip in December
Home Prices Dip in Last Month
The Austin-area market, still one of the fastest-growing regions in the nation, the median price for single-family homes increased annually by 3.6 percent to $310,400. Sales increased annually by 2.1 percent to 30,713 sales. In December, the median home price decreased 0.8 percent year over year to $305,000, and sales decreased 11.1 percent year over year to 2,370 sales.
“Last November, we began to see fewer listings on the MLS (multiple listing service), which is typical of a seasonal slowdown during the holidays. It’s also likely that people are staying in their homes longer to watch their investment increase and keep their current interest rate,” Mark Sprague, state director of information capital at Independence Title, said.
New listings for the five-county MSA increased annually by 0.8 percent to 38,870 listings in 2018. During the same period, active listings increased 2.5 percent to 6,559 listings and pending sales increased 1.9 percent to 30,805 pending sales.
Housing inventory increased in December by 0.2 months to 2.3 months of inventory in the five-county MSA.
“Annual sales are still ahead of where we were last year,” Sprague said. “I don’t think 2019 will be any different. Austin’s strong gross domestic product growth will continue to drive our region’s job growth and need for housing.”
What does this mean for home sellers?
Prices are up and they are going to continue to go up. If you've been in your home for more than 2 years - anywhere in the Austin area - you will profit if you sold your home today. For those that live in hotter areas, you might be surprised at how much you could make on your home. And, if you're curious: Click HERE to request a personalized home price report.
And to ensure you achieve your goals of selling your home, you must price it right. What does "right" mean... Well, that's where we and all our market knowledge comes in. We know how to get homes sold for money in less time. Your first step is to simply contact us for a consultation.
What to know if you're Buying a home.
Lucky you! Prices are lower starting the year than they have been. And, we're seeing more homes come on the market, which means more options for you to choose. If you've been think "we'd like to move, yet not sure if we'd find the right home" now is the time to begin that journey. The best ones go fast! And, you absolutely can find some great deals.