AUSTIN--Austin-area single-family home sales and home prices hit an all-time high for the month of February, according to the February 2015 MLS report released Friday by the Austin Board of Realtors. However, the volume of townhouses and condos purchased in the Austin area in February was 201, a four percent decrease from February 2014.

“Single-family homes will always be a part of Austin's fabric, but Austin's city leaders should consider housing types that cost less to develop and can allow for a greater range of affordable infill options, such duplexes and small apartment buildings, in neighborhoods where they are needed most,” Barb Cooper, president of the Austin Board of Realtors, told GlobeSt.com.

The median price for condos was $196,580, which is five percent less than the same month of the prior year. When compared to February 2014, these properties spent the same amount of time on the market, or an average of 50 days.

In February 2015, a total of 1,265 properties were leased in Austin, which is 10 percent more than February 2014. The median price for Austin-area home leases was $1,450, which is four percent more than the same month of the prior year.

According to the report, 1,775 single-family homes were sold in the Austin area in February 2015, a year-over-year increase of five percent and the highest number of homes sold for the month of February. In February 2015, 69 percent of single-family homes sold in the Austin area were priced $200,000 or higher, outside of an affordable price range for many Austin homebuyers. 

Home prices also set new records for the month of February.The median price for Austin-area homes in February increased eight percent year-over-year to $248,640 and the average price rose five percent to $307,928 during the same time period. While less than the double-digit price increases seen in previous months, the pace of home price appreciation in February 2015 remains higher than the historical norm of around four-and-a-half percent.

Austin-area monthly housing inventory ended February 2015 at 2.2 months, an increase of 0.2 months from the same time period last year but still only one-third of the 6.5 months inventory level the Real Estate Center at Texas A&M University says equals a balanced housing market. Homes spent more time on the market in February 2015, increasing three days year-over-year to an average of 58 days.

Active listings in February 2015 rose nine percent year-over-year to 5,142 listings, while new listings increased three percent to 2,619 listings from the same time frame last year. Pending sales in the Austin area increased eight percent to 2,278 sales.