Austin home sales down, prices up via Austin Business Journal

Austin homes sales down, prices up

Austin Business Journal – by Cody Lyon, Staff Writer

Date: Thursday, May 19, 2011, 10:44am CDT

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A total 1,689 single family homes sold in the Austin area last month, down 16 percent from the same month in 2010, The Austin Board of Realtors reported on Thursday.

At the same time, the median price in Austin increased 3 percent year over year to about $196,400. The report is compiled from multiple listing service data.

Austin Board of Realtors Chairwoman Judith Bundschuh said the year-to-year change still reflects impacts from last year’s first time homebuyers’ tax credit.

“That’s particularly true for this month, since the most expansive tax credit expired on April 30, 2010, creating a surge in demand that month,” she said.

Overall, $458.7 million in single family homes sold last month in Austin, or about 4 percent less than April 2010. The market added 3,330 single family home listings in April, or about 25 percent less than last year. The city reported about 2,054 pending home sales, down about 27 percent during the same period.

“Given that only 16 percent fewer homes were sold in April 2011 than April 2010 without the benefit of tax credit and that prices for Austin area homes continue to rise, we’re encouraged at the health and strength of our market,” Bundschuh said.

 

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