December 2004 Market Report: 2004 CENTRAL TEXAS HOME SALES EXCEED RECORD, ECONOMISTS PREDICT HEALTHY REAL ESTATE MARKET IN 2005

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January 19, 2005 - December 2004's single family home sales were up 21 percent from this time last year with over 1,950 sales, concluding a record-breaking year in the Austin area market. According to the latest statistics from the Austin Board of REALTORS® (ABoR), the median price of single family homes sold in December showed no change, remaining at $155,000.

Existing home sales in the Austin area were remarkably high throughout 2004 with a total of 20,937 homes sold, a 15 percent increase over the 17,981 sales in 2003. This 15 percent increase in home sales is especially astounding considering that the average of active listings showed virtually no change from the previous year.

"We are moving forward," said ABoR Chairman Roger Sturgell, "Key factors such as continued job creation, lower levels of new home inventories and favorable interest rates point to steady growth in the 2005 real estate market."

The National Association or REALTORS® predicts home sales in 2005 will remain strong but cautions that national housing activity may not match 2004's record-breaking sales.

The Austin Board of REALTORS® is a non-profit, voluntary organization representing more than 6,000 licensed REALTORS® in Central Texas. For further information, contact Angela Tovar or Michelle Fajkus at 512/454-7636.

 

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