Hello!Austin Real Estate News---------------------------------------------------------After a double-digit surge in home sales last month, Austin-area home sales dipped three percent to 2,944 single-family home sales in July 2014, according to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS® (ABoR). This is the first decrease in home sales since May 2011. At the same time, monthly housing inventory increased on a year-over-year basis for the first time in three years as more listings entered the market. Bill Evans, 2014 President of the Austin Board of REALTORS ®, explained, “July 2013 had the highest monthly home sales volume in Austin’s history, so we knew it was going to be a tough month to beat. However, there’s no denying that the Austin-area housing market has been impacted by issues in inventory and affordability. With such high demand, the Austin-area housing market cannot grow without an increasing, continually replenished housing stock, but that housing stock must also be affordable and attainable for Austin homebuyers.”

Evans concluded, “Amid questions about the direction of Austin’s market, we don’t believe this small decrease in home sales is indicative of a negative trend. The high demand for Austin real estate over the last few years continues to be fueled by strong job and economic growth in the Austin area. The issue we’re facing now is not whether Austin-area property values will fall, but whether future housing market growth in the Austin area will be stifled by a lack of affordable housing options for Austin-area homebuyers.” July 2014 Statistics:

• 2,944 – Single-family homes sold, three percent less than July 2013.

• $250,000 – Median price for single-family homes, nine percent more than July 2013.

• $318,854 – Average price for single-family homes, seven percent more than July 2013.

• 39 – Average number of days single-family homes spent on the market, two days fewer than July 2013.

• 3,788 – New single-family home listings on the market, eight percent more than July 2013.

• 6,859 – Active single-family home listings on the market, 12 percent more than July 2013.

• 2,660 – Pending sales for single-family homes, four percent less than July 2013.

• 3.0 – Months of inventory* of single-family homes, 0.2 months more than July 2013.

• $938,706,176 – Total dollar volume of single-family properties sold, four percent more than July 2013.

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