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Central Texas Real Estate Sales Volume Down, but Home Prices Show Modest Increase

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RISMEDIA, March 20, 2009-According to the February 2009 Multiple Listing Service report by the Austin Board of Realtors® (ABoR), the Austin-area home sales volume remains down year-over-year, but home prices have risen compared to February 2008.

The median price of a single-family home in Central Texas was $189,900, up 5% from February 2008. There were 1,116 single-family homes sold in February 2009, a 28% decrease as compared to one year ago. Collectively, sales in February 2009 contributed $271,048,500 to the local economy.

“These statistics demonstrate how Austin-area home prices have held steady and continue to appreciate, despite volatile credit markets and difficult conditions in other states,” explained ABoR chairman Jay Gohil. “Compared to last month, we’re seeing the year-over-year gap begin to close on sales volume and hope consumer confidence will continue to rise to further spur the market.”

Gohil added, “With unprecedented incentives available to homebuyers, such as an $8,000 first-time homebuyer tax credit and some of the lowest mortgage interest rates in history, we believe many Central Texans will recognize this spring as a great time to build wealth through Austin real estate.”

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