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.