August 2006 Market Report: Austin Continues to Defy Cooling National Market

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Despite a report from the National Association of REALTORS® that the country's housing market is slowing down, Austin-area home sales remained solid in August. The latest Multiple Listing Service (MLS) report from the Austin Board of REALTORS® (ABoR) indicates another record-setting month for the Austin market.

In August, the number of single-family homes sold in Austin increased 6 percent from the previous year to a record 2,805. The median price of single-family properties also rose, by 8 percent, to $182,500. Collectively contributing $683,533,620 to the local economy-19 percent more than they did in August 2005-these sold properties sat for 10 percent less time, averaging 60 days on the market. Altogether, the number of active single-family listings in the MLS fell by 2 percent in August, totaling 8,137.

"The Austin market continues to buck the national trend because this city is really in the infancy of its life as a major metropolis," explained ABoR Chairman John Rosshirt. "Relative to other big cities, Austin's prices are a steal. Plus, the quality of life here makes it a desirable destination for people and businesses looking to relocate."

Single-family properties were not alone in experiencing notable gains this August. The number of townhouses/condos sold increased 20 percent to 299. These sales collected $53,184,924 in aggregate revenue, 33 percent more than they did last year.

August 2006 Single Family Homes

  • 2,805 homes sold, a 6 percent increase from 1 year ago and an August record
  • $182,500 was the median price, and that increased 8 percent
  • $683,533,620 was the total dollar volume of properties sold, and that increased 19 percent
 

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