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. - ABoR
Single-family home sales in 2008 reached their highest point in April, totaling 1,981 and contributing $479,718,960 to the local economy. Overall, home sales this year correspond closely with the volume tracked in 2005, before Central Texas experienced the record-breaking home sales activity of 2006.
Homes sold in April spent an average of 66 days on the market, the shortest period in seven months. The median price of single-family properties was $187,900. Active listings grew to 10,034.
The median sales price for homes in Central Texas grew 5 percent in March, according to the latest Multiple Listing Service (MLS) report. Single-family home sales for the month were 1,832, while active listings grew to 9,638.
The number of active listings represents approximately 5 months of housing inventory compared with 10 months of inventory Nationally.
Austin topped the charts in 2007 as first in terms of job growth in Forbes magazine, economic vitality on Moody's Economy.com and cities to watch in AARP The Magazine's "Greatest Places to Live".