October 2008 Market Report: Rise in Value of Austin Area Properties

Despite national economic pressures, Austin area homes remain a sound investment option, according to the latest Multiple Listing Service (MLS) report from the Austin Board of REALTORS®.  In October 2008, the median home price ticked up seven percentage points from October 2007 to $192,520, a record for the month.

The leasing sector experienced a 26 percent upswing, with 1,082 properties leased in October.  Meanwhile, single family home sales fell 25 percent in October from one year ago to 1,331.

October's 9,944 active listings rose five percent from one year ago, contributing to a very healthy housing inventory level of 5.6 months.  The average number of days a single family home sat on the market increased by seven percent from last October to 75 days.

Pending sales and new listings both experienced drops from October 2007, with pending sales slipping 37 percent to 1,234 and new listings falling 14 percent to 2,713. Single family homes sales contributed $324,312,791 to the Austin economy in October, down 24 percent from last year.

"The most recent report from the Austin Board of REALTORS® reflects the impact of the national economic upheaval on the local market," says ABoR Chairman Socar Chatmon-Thomas.  "However, Austin is still enjoying home price appreciation and has an excellent growth record for population, employment and income."

While housing market sales cooled, October saw a jump in Austin's leasing sector.  Leases contributed $1,379,550 to the local economy in October 2008, a 31 percent increase from one year ago.  The median price of lease properties was $1,150, down three percent from last October.

October 2008 Single Family Homes

• 1,331 was the number of homes sold, down 25 percent from October 2007
• $192,520 was the median price, up seven percent from one year ago and a record for the month
• $324,312,791 was the total dollar volume of homes sold, down 24 percent from last October