Central Texas Home Sales Boom as the First Quarter Closes
Central Texas home sales skyrocketed as the 2018 first quarter comes to a close. Austin metro-area sales and median home sales prices reached record highs for March 2018, according to a recent report from National Mortgage News.
"Last month, 2,714 single-family homes were sold in the five-county Central Texas region, which is more sales than any March we've seen on record," said Steve Crorey, president of the Austin Board of Realtors, according to NMN.
"This type of growth early in the year indicates a strong summer selling season ahead."
The sales boom is attributed to a trend that has been occurring on a more regular basis in multiple metros across the country. There is plenty of demand for homes however, there isn't enough of a supply to meet it.
The market has become so competitive that some folks are willing or forced to pay beyond the asking price for a home. Whether that is due to outbidding prospecting buyers or simply through a lack of inventory to choose from in the area.
"In the first three months of the year, Central Texas logged 6,309 sales of single-family homes, an 8.2% increase year-over-year," according to the report.
"Year to date, the median price was up 3.1% to $299,000, the board said."
Most metros like the Austin area are benefitting from strong economies and healthy job markets. As this trend continues, there is a chance that home sales continue to rise.
For more information on the rising home sales in the central Texas area and more, click on the image above.
