Home Prices & Foreclosures Up, Sales Down
August 19, 2008
original image courtesy of allyaubry
Mixed News
We’ve been watching the median price of the Austin real estate market continue to climb while other parts of the nation experience sharp declines. According to data from the National Association of Realtors, the median price for Austin are homes has increased 4.1% to $194,2000 over the last 12 months.
This news comes on the eve of the Austin Board of Realtors’ data revealing that home sales in the Austin market are down 20% while the number of listings has risen. Foreclosure Listings Inc. shows that Travis County foreclosures increased 45% in the last year while Williamson County experienced a 34% increase.
The Austin real estate market is in a good news / bad news scenario but the people in the best position are those who are ready to sell but aren’t in a rush- there’s competition on the market but the median price increase indicates that sellers are getting more for their homes proving patience to be the advantage. Also, buyers benefit in this market because there is no shortage of choices between foreclosures, short sales, resale and new homes.
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