Austin Area Homes Level Out??

I came across the attached article in the Austin American Statesman yesterday. In my opinion it's a bit optimistic to say the market has stabilized, but I hope its what we are moving towards!

By Shonda Novak | Thursday, August 20, 2009, 11:22 AM

Existing home sales in Central Texas were flat last month, the first time in more than two years that they were not lower than the same month a year earlier.

The Austin Board of Realtors reported that there were 2,069 sales last month, and 2,068 in July 2008.

In a sign of a stabilizing market, the year-over-year percentage decline had been shrinking in recent months, after a string of double-digit percentage drops.

Pending sales were down 2 percent, while the number of listings was down 8 percent from a year ago. Homes are taking longer to sell, an average of 75 days, up 17 percent from a year ago.

July’s median home price was $191,500, down 2 percent from July 2008.

“The sales volume momentum in Austin continues, now reaching 2008 levels,” said Jay Gohil, chairman of the board. ” That’s good news, but I think it’s even better news that we’ve achieved that increase while maintaining a steady median home price.”

Local real estate expert Charles Heimsath has predicted the region’s median would drift down this year, but not decline substantially.

So far this year, the median price fluctuated only slightly compared to 2008, Gohil said.

“Looking back further, prices have remained above 2007 levels, one of the most lucrative years of the last decade in Austin real estate,” he said. “That long-term price stability, particularly in the face of market fluctuations, bodes well for Austin’s future.”

Through July, area home sales were down 18 percent from the same period of 2008.




Cortney Zieky, REALTOR
Exit Advantage Realty
http://www.cortneyziekyhomes.com