July 2008 Market Report: Austin Homes Remain Valuable Investment

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Austin-area home prices continue their upward trend, according to the latest Multiple Listing Service (MLS) report from the Austin Board of REALTORS®. The median price for single family homes reached a record high for July, up three percent from one year ago to $195,000.

In July, 2,071 single-family homes were sold, down 21 percent from one year ago. These sales contributed $534,206,166 to the local economy. July saw active listings rise 15 percent from one year ago to 10,913, representing five-and-a-half months of housing inventory.

“Unlike many other areas of the country, Austin continues to enjoy increasing home values,” says ABoR Chairman Socar Chatmon-Thomas. “This, coupled with low unemployment rates and a steadily growing population, makes Central Texas a great choice for home buyers.”

While housing sales relaxed, the leasing market remained strong. The 1,469 properties leased in July reflect a 20 percent increase from the previous year, while the median price of these properties rose by two percent to $1,200. The average number of days a lease property sat on the market totaled 37 in July, an eight percent decrease from July 2007.

July 2008 Single-Family Homes

  • 2,071 was the number of homes sold, a 21 percent decrease from one year ago
  • $195,000 was the median price, a 3 percent increase from one year ago and a record for July
  • $534,206,166 was the total dollar volume of properties sold, a 21 percent decrease from 2007
 

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