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.