Central Texas Real Estate – Home Values Continue to Rise

RISMEDIA, Sept. 22, 2008-The national economy may be struggling, but Central Texas homes remain a wise investment, according to the latest Multiple Listing Service (MLS) report from the Austin Board of REALTORS®. In the Austin area, the median price for single family homes reached $195,000 in August 2008, up two percent from one year ago and a record for the month.

The 1,992 single-family homes sold in August represent a 20% decrease from one year ago. These sales contributed $521,503,608 to the Austin economy, a 20% decrease from August 2007. The 1,792 pending sales and 3,114 active listings recorded for this month each slipped 18% from one year ago, while active listings rose five percent to 10,348. The average number of days a single-family home remained on the market also increased this month, up 19% from last August to 69 days.

“The fundamentals of Austin’s economy are solid,” says ABoR Chairman Socar Chatmon-Thomas. “Our city’s job market receives high marks for its consistency, which in turn drives more people to move here. A robust labor pool and an expanding population are key to maintaining a healthy housing industry.”

August 2008 – Single Family Homes

• 1,992 was the number of homes sold, down 20% from one year ago
• $195,000 was the median price, up 2% increase from one year ago and a record for August
• $521,503,608 was the total dollar volume of properties sold, down 20% from one year ago

The Austin Board of REALTORS® is a non-profit, voluntary organization representing more than 9,000 licensed REALTORS® in Central Texas.