Austin Real Estate Blog - AustinRE.com

The Austin Real Estate (www.austinre.com) Blog provides information and resources to assist you in locating a place to live in Austin and it's surrounding areas.

Wednesday, November 26, 2008

 
Austin Real Estate Median Home Price Rises

Defying the national trend, the median price of existing homes in Central Texas rose last month by 7 percent, figures show. But the U.S. housing and econominc downturn still has the region in its grip, as sales fell 25 percent, the steepest monthly decline since May 1997, according to the Austin Board of Realtors.

Some Central Texas sellers are reducing price.

"It's a buyer's market," said Moreland Properties agend Cord Shiflet, who specializes in homes priced at $1 million and up.

In October, 9,944 homes were on the market, 5 percent more than a year earlier. Sales scheduled to close in November were down 37 percent.

Nevertheless, the Austin market is still fairly strong with people employed and moving to Austin from elsewhere.

Austin is seeing a consistent drop in the prices over the entire spectrum of the market.

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