AUSTIN REALTORS REPORT 'STABLE' HOUSING MARKET

AUSTIN (Austin Board of Realtors) – Demand for existing homes in the Austin area has remained stable despite the expiration of federal homebuyer tax credits, according to the latest report from the Austin Board of Realtors.

The volume of Austin area home sales in June 2010 was 1,987, down 4 percent from the same month in 2009, the board reported, using the most recent MLS data. The median price of real estate in Austin increased 4 percent from June 2009 to $208,750 for June 2010.

Despite a decrease in the volume of homes sold in June 2010, the total dollar volume of real estate sold increased 6 percent compared with June 2009, primarily from increased demand for properties in higher price ranges.

In June 2010, homes remained on the market an average of 70 days, a 14 percent decrease from the same month in 2009. In the same period, pending sales decreased 23 percent to 1,610, new listings increased 2 percent to 3,287, and active listings increased by 16 percent to 11,749.

Austin real estate sales volume surges, prices remain stable

According to the Multiple Listing Service (MLS) report by the Austin Board of REALTORS®, the volume of Austin area home sales in March 2010 was 1,784, up 27 percent from the same month in 2009. The median price of real estate in the Austin area remained unchanged in the same time period at $180,000.

“Though we’ve seen increases in year-over-year sales volume consistently in recent months, it’s likely this substantial increase in volume is related to the impending expiration of the homebuyer tax credits on April 30,” said John Horton, Chairman of the Austin Board of REALTORS®. “What’s most encouraging, however, is that in the midst of this increase in sales volume, our real estate values have remained steady, which bodes well for the long-term value of real estate in Austin.”

Sales of condos and townhouses were particularly strong in March 2010, increasing by 129 percent to 215 sales as compared to March 2009. This follows sustained increases in demand for this property type since September 2009 and a year-to-date increase of 86 percent.