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Austin Home Sales Up, Median Price Down in July

There was an increase in the number of homes purchased in Austin this July than a year ago, although they tended towards less expensive ones. There was a 32% increase over July 2010 numbers meaning more than 1,970 single-family homes were sold in Austin in July 2011. The median sales price, however, declined to $196,750, an 11% drop. Those homes also were on the marked 5% longer than July 2010.

The drop in median price reflects a demand for lower-priced homes in the city. Austinites are searching for bargains right now. With interest rates at historic lows, the number of investors looking to take advantage of the savings could be driving the increase in number of homes sold. With the Federal Reserve announcing rates staying low until 2013 coupled with the busy summer sales season, August numbers could reflect a similar increase.

Even with a decrease in the median sales price, the total value of Austin-area homes sold in July was nearly $525 million, up 23% from last July. All of these homes getting snatched up has created a 20% drop in inventory to 9,393 single-family homes currently on the market.

If you are a condo or townhome owner, it's good news all around! 205 townhouses and condominiums were sold in July, a 45% increase over July 2010. In addition, the median price for condos and townhomes grew 5% to $164,250.

Survey Shows End of Home Buyer Tax Credit Unlikely to Deter Buyers!

Looks like those who are looking to sell this summer have some good news! According to findings released by Prudential Real Estate and Relocation Services, Inc., 65% of surveyed consumers who are currently in the process of shopping for homes, believe that the end of the tax credit will have little or no effect on their interest in purchasing a home.

Furthermore, more than 90% of consumers believe the home buyer tax credits have helped both first-time home buyers and the U.S. housing market overall. As for people's local areas, 46% of consumers are expecting prices to increase over the next year, compared to only 12% who believe they will decline. As for consumer's outlook over the next five years, 79% expect real estate prices to increase and 20% expect a "substantial increase" in home prices.

With regard to home ownership as an investment, an interesting finding of the survey is the majority of consumer's (75%) believe home ownership is a better investment than individual stocks and bonds. 72% believe home ownership is a better investment than mutual funds, and 74% affirm that it's better than a traditional savings account.

Yet another fascinating revelation, is that despite the real estate downturn nationally and the softened economic state the U.S. is in, the perception of home ownership as a quality investment remains strong with renters. Of those who currently rent, 75% believe that in the long-term, owning their home is a more satisfactory choice over renting.

The survey by Prudential Real Estate and Relocation Services, Inc. was conducted during April 15-20th, 2010 and included 1,000 Americans between the ages of 25-64 with a household income of at least $35,000.

 

This is a bit of good news for both buyer's and seller's in the wake of a tender economic state. I've always believed that the generation of jobs should be the number one economic concern of the government and with that comes everything else. If people have money, they'll buy property. This is probably easier said than done and I am certainly no economic strategist. I'm just a pro-style agent. I try not to spread my expertise too thin. People get jealous and no one likes a know-it-all. Suddenly, I'm reliving those moments of being picked last for kickball in 6th grade. My mom said it's because it was the picker's strategy, act like you don't want the best player so you can build the rest of your team. She is so smart!

http://rismedia.com/2010-04-28/end-of-home-buyer-tax-credit-unlikely-to-deter-most-real-estate-buyers/