Austin Home Market is Hot, Best September Since 2006

austin homeAustin home sales and Austin home prices continue to rise, as September became the 16th straight month of sales volume increases and eighth straight month of median price increases in the Austin area.

As reported by the Austin Board of Realtors, 1,806 single-family homes were sold in the Austin area in September 2012, which is 10 percent more than September 2011. During the same time period, the median price for an Austin home was $198,250, a five percent increase from the same month in 2011. In addition, the market featured 3.7 months of inventory in September 2012, which is 1.7 months less than September 2011 and the lowest inventory figure seen in Austin in the last decade.

Leonard Guerrero, Chairman of the Austin Board of REALTORS®, explained, “The Austin market hasn’t seen this many single-family home sales in September since 2006. That factor, combined with record-low housing inventory and mortgage rates, means sellers can expect strong demand for their homes and buyers should be prepared to encounter competition for properties.”

In September 2012, the Austin home market also featured six percent fewer new listings, 20 percent fewer active listings and 14 percent more pending sales compared to the prior year. On average, homes spent 65 days on the market, which is a decrease of 16 days from one year prior.