Austin Real Estate Scene

Modest near-term movement is expected in Austin TX real estate sales, with a recovery in sales seen during the second half of the year, according to the latest forecast by the National Association of Realtors®.

Lawrence Yun, NAR chief economist, said some pullback after a sharp increase in the previous month was expected. “The overall decline in contract signings suggests we are not out of the woods by any means. The housing stimulus bill that is still being considered in the Senate is critical to assure a healthy recovery in the housing market, jobs and the economy,” he said.

Furthermore, Yun said location has never mattered more than in the current market. “Some markets have seen a doubling in home sales from a year ago, while others are seeing contract signings cut in half. Price conditions vary tremendously, even within a locality, depending upon a neighborhood’s exposure to subprime loans.”

Let’s take a look at the sales statistics for June 2008 to see how the Austin TX real estate market looks:

Although new listings in Austin increased 19% in June 2008, pending sales were down by more than half from June 2007. Likewise, sold listings decreased 18% from last year. Bucking national trends, the average sales price increased 5% to $266,175.

Again, as Yun said, real estate sales and prices vary from neighborhood to neighborhood, even within the same city. For the latest Austin TX real estate market conditions in your area, call or email me.