Residential Sales Report
A RESEARCH TOOL PROVIDED BY THE
AUSTIN BOARD OF REALTORS®
July 2011Quick Facts
Median Sales Price
At the height of summer, we're finally beginning to move beyond comparisonsto the 2010 incentive market. Even so, sudden changes in sales volumes arelikely due to factors occurring at this time last year. Qualified buyers may findmore attractive opportunities now than during either of the recent tax credits.Interest rates should hold their ground around five percent, though the shift inthe federal credit rating could change that. Some indicators suggest improvingconditions, but let’s see just how we’re faring locally.
All data comes from the ABOR Multiple Listing Service. Powered by 10K Research and Marketing. | 1
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New Listings in the Austin region decreased 14.1 percent to 3,156. PendingSales were up 39.3 percent to 2,286. Inventory levels shrank 22.8 percent to11,300 units, but consumers are still finding terrific opportunities. Strongaffordability is partly driving purchase demand.Prices softened a bit. The Median Sales Price declined 9.3 percent to $191,975.Days on Market increased 5.2 percent to 74 days. Absorption rates improved asMonths Supply of Inventory was down 16.1 percent to 6.7 months.Second quarter GDP growth was just 1.3 percent after a meager 0.4 percentgain in the first quarter. We added 117,000 new jobs in July, a stronger gainthan expected after an embarrassing June. Even though a budget deal hasbeen reached, several challenges persist. Changes to Fannie, Freddie and themortgage interest deduction are still in play. As consumers absorb distressedinventory and labor market conditions improve, the wheels of recovery grind on.