Austin Housing Market Tightens

Austin’s single-family housing inventory is shrinking to the point that the city soon will not be able to meet growing residential demand. According to the Austin Board of Realtors, inventory in June dropped to 2.9 months, a 1.5-month decrease year-over-year and well below the 6-month level that characterizes a normal market.

The lack of housing options has driven the median price for single-family homes up 8% year-over-year to $235,000. So far in 2013, Austin has already seen $3.8 billion in total residential real estate sales, 31% higher year-over-year.

Read more at the Austin Business Journal