Central Texas Home Values Continue to Rise

Central Texas Home Values Continue to Rise

September 18, 2008 - The national economy may be struggling, but Central Texas homes remain a wise investment, according to the latest Multiple Listing Service (MLS) report from the Austin Board of REALTORS®.

In the Austin area, the median price for single family homes reached $195,000 in August 2008, up two percent from one year ago and a record for the month. The 1,992 single-family homes sold in August represent a 20 percent decrease from one year ago. These sales contributed $521,503,608 to the Austin economy, a 20 percent decrease from August 2007.

The 1,792 pending sales and 3,114 active listings recorded for this month each slipped 18 percent from one year ago, while active listings rose five percent to 10,348. The average number of days a single-family home remained on the market also increased this month, up 19 percent from last August to 69 days.

“The fundamentals of Austin’s economy are solid,” says ABoR Chairman Socar Chatmon-Thomas. “Our city’s job market receives high marks for its consistency, which in turn drives more people to move here. A robust labor pool and an expanding population are key to maintaining a healthy housing industry.”

August 2008 - Single Family Homes

- 1,992 was the number of homes sold, down 20 percent from one year ago
- $195,000 was the median price, up 2 percent increase from one year ago and a record for August
- $521,503,608 was the total dollar volume of properties sold, down 20 percent from one year ago

The Austin Board of REALTORS® is a non-profit, voluntary organization representing more than 9,000 licensed REALTORS® in Central Texas. For further information, please contact Angela Brutsché at 512/454-7636, ext. 1300.

Austin Homes Remain Valuable Investment

Despite the negative news which continues to pour in from around the US, the Austin real estate market continues to hold relatively steady. Please read the following article from the Austin Board of Realtors. We look forward to your thoughts and replies. The Sunshine-Wilson Group

August 18, 2008 - Austin-area home prices continue their upward trend, according to the latest Multiple Listing Service (MLS) report from the Austin Board of REALTORS®.

The median price for single family homes reached a record high for July, up three percent from one year ago to $195,000. In July, 2,071 single-family homes were sold, down 21 percent from one year ago. These sales contributed $534,206,166 to the local economy.

July saw active listings rise 15 percent from one year ago to 10,913, representing five-and-a-half months of housing inventory. “Unlike many other areas of the country, Austin continues to enjoy increasing home values,” says ABoR Chairman Socar Chatmon-Thomas. “This, coupled with low unemployment rates and a steadily growing population, makes Central Texas a great choice for home buyers.”

While housing sales relaxed, the leasing market remained strong. The 1,469 properties leased in July reflect a 20 percent increase from the previous year, while the median price of these properties rose by two percent to $1,200. The average number of days a lease property sat on the market totaled 37 in July, an eight percent decrease from July 2007. July 2008 - Single-Family Homes

- 2,071 was the number of homes sold, a 21 percent decrease from one year ago
- $195,000 was the median price, a 3 percent increase from one year ago and a record for July
- $534,206,166 was the total dollar volume of properties sold, a 21 percent decrease from 2007

The Austin Board of REALTORS® is a non-profit, voluntary organization representing more than 9,000 licensed REALTORS® in Central Texas. For further information, please contact Angela Brutsché at 512/454-7636, ext. 1300.