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Home sales in the five-country metro increased 13.1% year-over-year in March despite inventory remaining at a record-low 0.4 months, according to the Austin Board of Realtors' latest monthly report. At this inventory level, if no other homes are listed the number of listed homes would sell in a week; a balanced housing market has around six months of inventory, according to the Texas Real Essate Research Center at Texas A&M University.
"Our housing market is undergoing growing pains and creating a paradox: affordable from the outside looking in, but increasingly unaffordable for those who already call Austin home," ABoR President Susan Horton said in a statement.
The median sales price for homes in the city of Austin jumped nearly 25% last month, to an all-time high of $514,000, according to the report. Across Travis County, the median sales price grew nearly as fast, increasing 24.1% to $490,000.
Ten years ago, the median sales price in the Austin market was $203,860, a fraction of what it is today, according to the Texas Real Estate Research Center.
Despite the skyrocketing price, Austin homes remain relatively affordable for buyers coming from more expensive markets, such as Denver and Atlanta. "There is a reason so many transplants, especially from the east and west coasts, are coming to Austin," Dr. Jim Gaines, an economist at the center, said in a statement. "They can buy more house for their money than what they could in the cities they are leaving behind."
Such competition is great for sellers but may challenge prospective homebuyers, who face one of the highest markups in the country. "With an average closing price of 108% of list price across the Austin area, the decades-old expectations of submitting a lower offer and negotiating up is no longer a reality," Horton said.
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A week after Texas added two congressional seats and California lost one, state officials reported a population decline in 2020 for the first time in the Golden State's history.
California fell by over 182,000 people from January 2020 to January 2021, dropping almost 0.5% to cap out at around 39.5 million people. It is still the nation's most populous state.
For over thirty years, California has seen more people leave than move in from other states, state officials said, with 6.1 million people moving out and 4.9 million coming in last year. Immigration and births kept California growing, but the state saw a shrink in international migration in 2020 due to COVID and the White House's hold on visas.
Of the steady flow of ex-Californians moving to other states, more are moving to Texas than any other state. Many are relocating to Austin, which has been labeled a "little California" by billionaire resident Elon Musk and continues to grow astronomically.
Meanwhile, California cities including Los Angeles, San Diego, San Jose and San Francisco saw a population decline.
With immigration and state migration on the decline, the Golden State was also hit with a spike in deaths- 51,000 people died from COVID in 2020, and all but seven of the state's counties saw death rates higher than the three-year average.
Still, the California Department of Finance said a "slightly positive annual growth" can be expected next year as the state recovers from COVID deaths and political repercussions.
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