Austin's housing market finished in 2015 the way it began the year - still among the hottest markets in the country. For the fifth straight year, Austin home sales set a record in 2015, the Austin Board of Realtors proudly announces.
Furthermore, for the fourth year in succession, the area's median home sales price hit another high, ascending to $263,900. With identical economic conditions still set up, experts are anticipating that 2016 will be the same for the Central Texas housing industry, however buyer-friendliness will remain a worry as costs push higher. Furthermore, potential headwinds could linger for the economy that could influence the lodging market.
The previous year finished with 29,068 offers of single-family homes, around 4.7 percent higher than 2014's total, as indicated by the Board of Realtors. A large portion of the homes sold for more than $263,900 and half sold for less, an 8.8 percent hop in the yearly median sales price.
Sales and the median prices additionally set records for the month of December, the board said. December's 2,390 deals were up around 5.5 percent over December 2014's volume. The median price for homes sold in December was 9.7 percent higher than December 2014.
Home costs in Central Texas have risen strongly in the previous couple of years as interest for housing has exceeded supply. Despite this, a few real estate and housing experts believe that the Austin market will maintain a strong balance.
Amy Bernhard, an agent with Realty Austin, said she thinks the housing market "will be the same, or even a little better, than last year."
But there is also a group of experts that anticipate the possible uncertainties in the market like the effects of oil slump prices.
Paul Peters, recruiting manager at Assurance Financial, a Louisiana-based private home lender, said the organization aims to open a local home loan production office in Austin, which is "high on our rundown of extension markets."
