Austin region sees uptick in April home sales; median price holds steady, new report says

As the housing market continues to improve at a time of higher interest rates, the Austin region has registered the highest year-over-year increase in home sales this year.

That's according to the latest monthly report the Austin Board of Realtors released Monday.

The board said the median sold price held steady in April. Half the homes that changed hands across the Austin region sold for more than $469,998 and half for less, for a 1.1% increase in the median closing price. The five-county region extends from Georgetown to San Marcos, covering Travis, Williamson, Hays, Bastrop and Caldwell counties.

Across the Austin region, sales were up 5.9%, with a total of 2,708. That's the highest monthly increase in homes sold this year compared with the same month a year ago, the board said. Like markets across the country, this area has seen its housing market cool substantially with the continued rise in mortgage interest rates since 2022.

However, the latest data points to a "sense of confidence and optimism in the housing market among both homebuyers and sellers," board officials said in a news release.

"Despite the higher rate environment, the uptick in affordable inventory in the $300,000 range is allowing more first-time buyers to achieve homeownership," said Clare Losey, the board's housing economist. "As we progress through the year, mortgage rates are expected to remain elevated with a slight possibility of a gradual decrease, which would result in an increase in buyers’ purchasing power.”

As with the Central Texas region as a whole, both home sales and the median price for which those houses sold were up within Austin's city limits. Sales in Austin leaped by double digits — 33.2% with 992 sales— and the median price of those sales was up 6% from April 2023, to $593,500.

As major cities all over the country grapple with housing affordability, much still needs to be done to address those issues in the Austin area, said Kent Redding, president of the Austin Board of Realtors.

“While we are excited to see more housing options emerge for buyers across the (Austin metro area), more work still needs to be done to create opportunities for homeownership within the city of Austin, particularly for first-time buyers, teachers, first responders and others who are finding it difficult to afford a home here," Redding said. "Our community needs to come together to advocate for housing reforms that allow for more types of housing across the city so that Austin’s future is one where everyone can afford to call the city home.”

This article originally appeared on Austin American-Statesman: Home sales, median price up in April, Austin Board of Realtors says