Austin 'Meet the Lender' picked among best government events in U.S. - Austin Business Journal

Austin 'Meet the Lender' picked among best government events in U.S. - Austin Business Journal

TEXAS HOME SALES DOWN, PRICES UP

TEXAS (Real Estate Center) – Newly released data from Texas Multiple Listing Services (MLS) show existing home sales are down from last year while average and median prices are up.

“Texas home sales peaked this year in May rather than the normal June-July period because of the expired tax credit stimulus,” said Real Estate Center Research Economist Dr. Jim Gaines.

“August 2010 sales were down 14 percent from August last year but were up 3.6 percent from dismal July figures, which were down 27 percent from the previous year.”

Gaines said average and median prices showed “remarkable strength” given the generally weaker market, increasing by 5.3 percent and 1.9 percent from last August, respectively.

“The higher average price reflects some improvement in the upper-end market, which has been significantly depressed the past couple of years,” he said. “The number of properties offered for sale declined in August, leaving month’s inventory effectively unchanged from July. However, the total number of properties on the market this year is 14 percent greater than in August 2009.”

While total listings were down from the previous month, the average months inventory of unsold homes at the current sales rate remained virtually unchanged at 7.9 months.

Here is how select Texas cities fared in August (data current as of Sept. 23, 2010):

	Sales	Change from Last Year	Median Price	Change from Last Year	Months' Inventory
Amarillo	247	no change	$130,300	up 4%	6.8
Austin	1,670	down 15%	$196,500	up 5%	7.1
Corpus Christi	317	no change	$148,500	up 8%	11.2
Dallas	3,393	down 19%	$166,900	up 5%	7.2
El Paso	437	down 10%	$137,300	up 6%	6.9
Fort Worth	674	down 14%	$119,000	up 1%	7.3
Harlingen	64	down 25%	$96,700	up 3%	26.2
Houston	4,619	down 16%	$157,500	down 1%	8
Killeen-Fort Hood	189	down 28%	$128,100	up 1%	7.8
Lubbock	251	down 13%	$111,700	down 3%	7.4
Odessa	86	up 34%	$150,000	up 32%	4.6
San Antonio	1,646	down 9%	$157,800	up 7%	8.3
Tyler	238	down 15%	$143,100	up 10%	13.4
Wichita Falls	130	down 5%	$96,000	down 12%	8.4
Texas	17,017	down 14%	$152,900	up 1.9%	7.9

Austin home sales down 15% in August

Austin Business Journal, Monday, September 20, 2010

Austin home sales fell 15 percent year-over-year last month, while sales so far this have outperformed 2009, the Austin Board of Realtors reported Monday.

The Multiple Listing Service data showed total homes sold fell to 1,490 homes in August, while the year-to-date total increased 2 percent year over year. Austin Board of Realtors Chairman John Horton said the trend reflects the expiration of the first-time homebuyers' credit, but only in that it pushed the summer peak to earlier in the year. He expects 2010 overall to be better than last year. "I think this winter is really going to be the tail end of the soft market," Horton said. "We expect to see a real firming in the market this spring."

The median price of homes sold last month increased 5 percent to $200,000. Horton said this indicates the market is beginning to improve. Sales of more expensive homes have also risen as people rush to catch the last deals and sellers to first-time homebuyers upgrade. The number of days on the market increased 1 percent last month to an average 77 days, while the number of homes on the market rose 17 percent year-over-year.

“The most important thing I see in these results is that our year-to-date sales volume shows steady demand and our real estate values are holding strong. That’s good news as we head into the fall season," Horton said.

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