The real estate market may have hit a speed bump in the Kyle-Buda area.
Single-family home sales flattened in February and fell in March when compared to the same months a year ago, according to data from the Austin Board of Realtors. That’s disappointing news for an area that had seen eight straight months of gains dating back to July 2011.
Of the 65 homes sold in March, the median price was down about $2,600 to $148,200, and the number of new listings and active listings also fell as fewer people tried to sell their properties.
In one bright spot for the Hays CISD area, the homes that were on the market in March were estimated to sell faster than ones listed in March 2011.
Single-family home sales were flat in Dripping Springs and Wimberley as well. Hays County’s slowdown didn’t reflect trends through the entire Austin-area market, which saw a 15 percent increase in single-family home sales in March. The median price, $200,000, was also up 8 percent.
Nationwide, existing-home sales declined 2.6 percent in March but continue to outpace year-ago levels, while home prices are showing signs of stabilizing, according to the National Association of Realtors.
Total housing inventory at the end of March declined 1.3 percent.
“We were expecting a seasonal increase in home listings, but a lack of inventory has suddenly become an issue in several markets with not enough homes for sale in relation to buyer interest,” Lawrence Yun, the association’s chief economist, said in a prepared statement.
Please see page 1D of this week’s edition for a graph of Kyle-Buda home sales