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.

New Home Sales Jump Almost 27% Nationally in March!

New home sales nationally have jumped 26.9% in March over February 2010 after a four month slow-down over the winter season. This can be considered evidence that the first-time home buyer and repeat home buyer tax credit have sparked the real estate market. The credit's are set to expire on Friday, April 30th.

Sales numbers are expected to show an even greater increase in April due to a rush of buyer's hoping to take advantage of the credits before time expires. The Standard & Poor's index of 12 of the largest builders showed an increase in stock prices of 11%. The report also showed that previously-owned home sales rose 6.8% in March.

Hopefully, America can get the job market back on track to create more solid growth through 2010 and beyond. Overall, the housing market should stay active through the summer season, as traditionally it is the peak season for sales. The summer is ideal for moving weather conditions, as well as an easier transition for children entering new schools. There is a nice inventory out there and we have some of the lowest interest rates in history, so if you've been thinking about purchasing, there is no better time than now!