AUSTIN (KXAN) – Home sales in Austin set a new record high for the month of December, 2013, leaving housing inventory at an all-time low in the area.
According to a report released by the Austin Board of Realtors, there are only enough homes for sale to satisfy the market for another two months. 2,080 single-family homes were sold in the Austin area in December 2013, 14 percent more than in December 2012.
The median price for a home in Austin was $226,000, which is 8 percent more than the same month in 2012. This didn’t dissuade potential buyers though, since the days a home spent on the market decreased to 52 – 19 less days than they year before.
The Austin Board of Realtors said the city must work to create a regulatory environment to allow developers to keep up with a growing housing demand in order to keep the Austin housing market growing.
According to Austin Investor Interests the apartment occupancy in Austin is at 95 percent.
These are the following rent averages for apartments in Austin.
- Efficiency (482 sq. ft.): $778
- 1 Bedroom (707 sq. ft.): $900
- 2 Bedroom (1025 sq. ft.): $1136
- 3 Bedroom (1331 sq. ft.): $1434
Rental rates are continuing to rise as well. In the most recent quarter, rent rose 2.57 percent to reach $1.18 per square foot. While rent is going up, there are 16,050 units currently under construction that should help with overall occupancy.