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May saw the highest number of home sales ever in the Austin-Round Rock region. $1.2 billion in total, Austin Culturemap reports.
The Austin Board of Realtors found that sales of single family homes in the Austin area were up 9 percent over a year ago and the median home price was up to $310,000. This is the first time this year that home sales exceeded $1 billion and points to a busy selling season this summer as well.
In the city proper, home sales increased nearly 10 percent over a year ago and the median price was up 9 percent to $380,000. The median price for 2016 was $340,000.
The Austin Board of Realtors expects home prices to continue to climb. Although housing is being added, it’s in the higher echelons, not at entry prices. Most first-time homebuyers need to look to the suburbs in Hays (median price $262,250) or Williamson (median price $284,375) counties to find more affordable homes.
Land originally purchased by Travis County to be the site of a new courthouse will instead become a private development, the Austin Monitor reports.
Located at 308 Guadalupe Street, the land was bought for $21.8 million in 2010 as a new site for the Travis County Courthouse. After voters in 2015 didn’t pass a bond that would have funded construction, the county began looking for a developer.
The Travis County Commissioners Court are voting today on whether a deal with Lincoln Property Company and Phoenix Property Company should go forward. The companies will lease the land for 99 years for a total of $430 million.
The spot is not subject to Capitol Corridor View Restrictions and will be home to a large development that includes residential, office, retail, and parking.
Travis County still hopes to find another site to replace the current 86 year old courthouse.