11/21/2019
Crazy times in the Austin area. See Austin Board of Realtors press release below!
"Austin home sales shatter October records City’s current growth rate has REALTORS® concerned
AUSTIN, TX – Home sales in Austin experienced a double-digit percent increase in October—creating a new record even as the inventory of single-family homes in Austin dropped to an all-time October low—according to the latest monthly report from the Austin Board of REALTORS® (ABoR).
The Central Texas Housing Market Report, which underscores the need for more diverse housing options in the city, was released just days after officials reviewed the latest draft of a revised land development code. The October report for Austin reflects a 14.5% increase year over year to 835 home sales, marking more homes sold than any October on record.
"Austin can no longer sustain its current rate of growth. With an average of 100 people moving here every day, the demand for housing is growing much faster than the number of homes available," Kevin P. Scanlan, 2019 ABoR president, said. "Homes are hardest to find in the urban core where people can live closer to work and transit. Therefore, we need to plan more efficiently—not just in Austin's urban core but in transit corridors and activity centers as well."