A new report from the Austin Board of Realtors indicates continued growth in both home sales and median home prices in Round Rock, Pflugerville and Hutto.

According to the report, the median home price across Round Rock, Pflugerville and Hutto in March was $490,000, a 5.48% increase over February's median price of $464,550.

The area's median price remains slightly higher than that of the Central Texas market as a whole, which saw a median price of $462,609 in March. The median price in Round Rock, Pflugerville and Hutto continues to come in well below the city of Austin's March median price of $624,000.

Round Rock, Pflugerville and Hutto had a combined 516 closed home sales in March, up 4.67% from 493 in February, the report states.

ABoR President Cord Shiflet said March's record home prices coincide with a slight increase in housing inventory, which could further bolster sales.

"The Austin area has a dire need for more housing stock across all housing types and price points, so last month’s increase in housing inventory and the number of homes on the market was a welcome sign," Shiflet said in the report.

However, Austin demographer Lila Valencia said housing supply still has some catching up to do if it is to meet the demands of recent population growth in the area.

"This type of growth places immediate and significant demand on infrastructure, particularly housing, ... which has implications not just for the local housing markets in these areas, but also for transit and transportation and access to other amenities and services," Valencia said in the report.