August 2008 Market Report: Central Texas Home Values Continue to Rise

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The national economy may be struggling, but Central Texas homes remain a wise investment, according to the latest Multiple Listing Service (MLS) report from the Austin Board of REALTORS®. In the Austin area, the median price for single family homes reached $195,000 in August 2008, up two percent from one year ago and a record for the month.

The 1,992 single-family homes sold in August represent a 20 percent decrease from one year ago. These sales contributed $521,503,608 to the Austin economy, a 20 percent decrease from August 2007. The 1,792 pending sales and 3,114 active listings recorded for this month each slipped 18 percent from one year ago, while active listings rose five percent to 10,348. The average number of days a single-family home remained on the market also increased this month, up 19 percent from last August to 69 days.

“The fundamentals of Austin’s economy are solid,” says ABoR Chairman Socar Chatmon-Thomas. “Our city’s job market receives high marks for its consistency, which in turn drives more people to move here. A robust labor pool and an expanding population are key to maintaining a healthy housing industry.”

August 2008 Single Family Homes

  • 1,992 was the number of homes sold, down 20 percent from one year ago
  • $195,000 was the median price, up 2 percent increase from one year ago and a record for August
  • $521,503,608 was the total dollar volume of properties sold, down 20 percent from one year ago
 

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