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.