Number of homes for sale highest since 2011

AUSTIN (KXAN) — The number of homes for sale in the Austin metro area is the highest it has been in more than a decade.

A total of 9,671 homes were actively listed in September in the five-county area, the highest number since July 2011, according to September housing report by the Austin Board of Realtors.

The number of active listings has increased by more than 160% compared to last September.

Meanwhile, home sales fell in September. Just under 3,000 homes were sold last month, down 18.5% year over year.

“Homebuyers no longer have to move at breakneck speed to find a home,” said ABoR President Cord Shifflett. “There are more homes to choose from and more time to find a home that fits their needs and budget.”

The metro’s median home price in September was $470,000, a new record for the month. Despite the new record, the rate of appreciation is slowing.

In September, the average price rose 5.6% year over year, marking the third month in a row of gains below 10%. This compares with a more than 30% annual price increase in January.

“Homebuyers haven’t had this much leverage and this many options in more than a decade,” Shifflett said. “We’re still in a seller’s market, but with homes taking longer to sell and buying on average for less than original list price, and inventory constantly growing, right now is a great time to be a home buyer in Central Texas .”

Homes in the city of Austin remain the most expensive in the metro area with a median price of $555,000, compared to $470,000 in the metro as a whole.

That’s down more than $100,000 from a peak of $667,000 in May.

“Homes are selling for 95 percent of their original list price,” Shifflett said. “Sellers need to know that the days of multiple offers above asking price are a thing of the past.”

The number of home sales in Travis and Williamson counties was down year-over-year in September. Home sales in Travis County were down 30.5%, while sales in Williamson County were down 19%.

Meanwhile, Bastrop, Caldwell and Hays counties saw significant increases in home sales, up 25.4%, 23.5% and 12.6%, respectively.

“As more projects are planned and open in these areas, buyers will have even more opportunities to find a home that works for them and is still within easy reach of downtown Austin,” Shifflett said. “This is great news for buyers, renters and our economy.”

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