Lawrence Yun, NAR senior economist, notes that widening credit availability will help turn around home sales. “Conforming loans are abundantly available at historically favorable mortgage rates. Pricing has steadily improved on jumbo mortgages since the August credit crunch, and FHA loans are replacing subprime mortgages,” he said.
Let’s take a look at the September sales statistics for Austin to get a better idea of what the future may hold:
The market in September continued to follow the same trend as it did in August. Although new listings again increased by 22% over September 2006, Austin home sales continued to decrease, with sales down about 22% percent from the previous year. Pending sales also decreased 27%. Meanwhile, prices continued to rise, with a 10% increase, bringing the average sales price to $253,879. Market times increased by only 2 days - or 3%.
|
Dates |
New |
Pending |
Sold |
Average |
Average |
|
September 2007 |
9,979 |
1,615 |
1,824 |
$253,879 |
60 |
|
September 2006 |
8,203 |
2,332 |
2,341 |
$228,411 |
58 |
Below is a comparison of September's average and median sales prices for the past 4 years.
Of course, the real estate market in Austin TX is always changing from month to month and neighborhood to neighborhood. To learn more about the current Austin TX real estate market, please call me or visit AustinHomesDaily.com. Also visit MyEmailSearch.com to receive automated emails of new listings that meet your criteria!
Information provided by Austin Board of Realtors and is deemed accurate but not warranted.
