Austin Real Estate Market Report February 2017
The Austin Board of Realtors released the latest Central Texas Housing Market Report today. The report showed a decrease in single-family home sales growth throughout the Austin-Round Rock Metropolitan Statistical Area (MSA) in February 2017, indicating the beginnings of a more stable housing market in Central Texas. The region’s housing market still remains very strong.
Single-family home sales in the Austin-Round Rock MSA only increased 0.9% year-over-year to 1,829 home sales. Only the cities of Buda (up 30%), Cedar Park (up 20.7%), Leander (up 8.8%) and Austin (up 6.4%) showed an increase in single family home sales when compared to February 2016. The median price for single-family homes in the five-county MSA rose 6.5% to $287,000 in February 2017.
It was also stated that due to a rise in interest rates, low housing inventory will continue and potential homeowners will be more reluctant to buy a home. Despite this, it is still a great time to buy a home due to the fact that interest rates will likely to continue to rise from this point forward.
If you would like to take advantage of the low interest rates, contact TCP Real Estate today!