According to the Austin-American Statesman existing-home sales surged 38% (year-over-year) in October as buyers took advantage of favorable mortgage interest rates and the $8000 first-time homebuyers tax credit. This surge continues a trend which began in July, as the Austin housing market appears to be at the forefront of the national housing and economic recovery.
This was the biggest gain in over four years, providing encouraging news to area sellers who have struggled to sell their homes since mid-2008.
The Austin Board of Realtors reported that 1,823 homes closed escrow in October, signalling a welcome decrease in inventory as the market charges into the end of the 4th quarter. The median home price was $182,000, down 5 percent from a year ago. Experts cautioned, however, that unless Austin regains it’s historic momentum towards job creation and further economic growth, the positive effects of the housing data could be short-lived.
Start your search of available homes in Austin Texas today! You can search by Map, by School District, by Address or Subdivision…practically any way you want!
Search homes on the market in Austin Texas on your mobile phone! Get full info, photos, or even schedule a showing today!
As always, we hope you Let Us Show You the Fine Art of Austin Real Estate. Let one of our experienced, trained professionals assist you with your next real estate transaction. We’d be honored to be of service. "Friend" us on FaceBook, visit us online at www.FineAustinLiving.com or give us a call at 512.402.9800 today.
One Comment
It should be noted that Oct 2008 was a dead month, immediately following the near collapse of the financial industry. And Oct 2009 was an artificiality busy month due to tax credit incentives, as will be November. So the resulting swing in volume between years is not really unexpected.
When we see markets acting right without government intervention, it will mean something.
Steve