The median home price in the city is up 7.2 percent over a year ago to $369,900 and the median price for the Austin metro area is $301,332, a increase of five and a half percent over a year ago.
Hays County’s median home price had shot up 13.1 percent to $270,000 as of last month, the biggest increase over the last year in the area. Travis County’s median home price was up 7.4 percent to $359,865, and Williamson County was up 4.4 percent to $274,450.
As the prices went up, home sales were down a bit in Austin, but they were up dramatically in Hays and Williamson Counties. However, Austin’s sales were up over last year by 2.8 percent, Hays County’s home sales went up 15.3 percent, and Williamson County saw a 2.3 percent increase.
The stock of single-family homes in the area is the highest it’s been since Fall 2012. The Austin Metro had 3.2 months of supply, Hays County had 3.6 months of supply, Travis County had 3.2 months, and Williamson County had 3 months. Inventory of 6 to 6.5 months is ideal.
Experts caution that while home building is booming across the region, new construction has to be at a variety of price levels to slow down the meteoric rise of home prices in the area. Otherwise the new housing stock will still be out of reach of many residents.