September 2007 Market Report: Five Percent Decline in Year to Date Home Sales

Single family home sales for the Austin area experienced a dip in September, according to the latest report from the Austin Board of REALTORS® (ABoR). The 1,824 home sales recorded last month mark a five percent decline in year to date sales and a 22 percent decline in monthly sales. The total dollar volume from these sales slipped 13 percent from September 2006 to $463,075,296.

The median price for single-family homes rose nine percent to $182,500, while the average number of days a single-family home sat on the market increased by three percent to 60 days. Pending sales dropped to 1,695, down 27 percent from one year ago, while the number of new listings remained at 2,953. The number of active listings increased, up 22 percent from September 2006 to 9,979 units.

"We anticipate end of year homes sales to trail 2006 by 10 percent," says ABoR Chairman Charles Porter. "Overall, Austin's housing market continues to outperform national trends and is poised for growth over the next 20 years."

September 2007 Single Family Homes

• 1,824 was the number of homes sold, -22 percent from September 2006
• 20,088 was the number of year-to-date home sales, -5 percent from 2006
• $182,500 was the median price for single-family homes, up nine percent from September 2006
• $463,075,296 was the total dollar volume from single-family home sales, -13 percent from September 2006