November 2008 Market Report: Austin Area Feels Effects of National Housing Slowdown

Austin Board of REALTORS® releases November 2008 real estate statistics, proposes solutions

Market Reports

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In November 2008, the Austin real estate market showed signs of slowdowns seen in other parts of the country. According to the November 2008 Multiple Listing Service report published by the Austin Board of REALTORS® (ABoR), single-family home sales dipped 40 percent from November 2007, which represents a 20 percent decrease year-to-date.

The median price for a single-family home was $180,000, a three percent decrease from November 2007. In total, single family home sales in November 2008 contributed $231,014,520 to the local economy, not including approximately 1,147 pending home sales.

In light of the results, ABoR is calling upon the federal government to adopt a four-point solution proposed by the National Association of REALTORS® (NAR) to stimulate the real estate market and enable Austinites to take advantage of the benefits of homeownership.

“There is no denying the Austin market has begun to slow,” said ABoR Chairman Jay Gohil. “However, we still enjoy strong statewide job growth and low unemployment, two factors missing in other, more challenged parts of the country. These sound fundamentals, combined with capital that should flow more freely to homeowners from the recent federal bailout, will put Austin in good stead as the market begins to recover.”

NAR has proposed a four-point plan to stimulate the housing market, which ABoR supports. It includes proposals to make the $7,500 first-time homebuyer tax credit available to all buyers and eliminate the repayment requirements; to make the higher loan limits approved earlier this year for the Federal Housing Administration, Fannie Mae and Freddie Mac loan limit permanent; and to direct more funds from the Emergency Treasury bank relief program to mortgage relief and foreclosure prevention.

November 2008 Single-Family Homes

  • 990 was the number of homes sold, down 40 percent from November 2007
  • $180,000 was the median price, down 3 percent from one year ago
  • $231,014,520 was the total dollar volume of homes sold, down 44 percent from last November

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