Austin sees the greatest price gains of almost 24%.
Dallas-Fort Worth led the state in first-quarter home sales. But Austin was the major market that saw the biggest price increases.
D-FW real estate agents sold 22,449 homes during the first three months of 2021 — more than in any other big Texas metro area, according to a new report from the Texas Realtors association.
Austin’s median home sales prices soared by an unheard-of 23.7% from first-quarter 2020 levels to a median of $398,000.
Statewide prices were 13.4% higher than a year earlier.
“The demand for housing in Texas remained strong despite the winter storm in February and the pandemic,” Marvin Jolly, chairman of Texas Realtors, said in the report. “With a low supply of homes for sale, though, prices in most areas have gone up significantly, and competition among buyers has increased as well.”
The Houston area had the greatest year-over-year increase in sales, up 17.6% from first quarter 2020.
All of Texas’ major home markets have seen dramatic declines in homes listed for sale.
Home inventories across the state are down by more than 50% from a year ago, and listings are down more than 78% in Austin and almost 58% lower in the D-FW area.
“Depleted inventory is the greatest challenge to Texas’ housing market, pushing up prices at elevated rates as demand remains strong, making it one of the most competitive housing markets for homebuyers since the 2006-07 housing boom,” Texas Real Estate Research Center economist Luis Torres said in the new report.