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Market News and Trends

Case-Shiller — May data is in

This is just a quick update.  Earlier this week I wrote about how home values in Austin compare to those in cities that comprise the S&P Case-Shiller 10-City and 20-City home price indices.  At that point, the lastest Case-Shiller data available was for April 2011.  Now we have one more month’s information.

My previous discussion (see Ausin continues to outpace Case-Shiller) remains valid, so I’ll just offer this chart showing year-over-year changes in home values:

Case Shiller-Austin Yr-Yr Chng Comparison 072811

One month further on, it is still true that the home price indices are falling compared to last year.  The only city in Texas that is included in those indices is Dallas, and prices there declined again in May as well. 

Austin and Washington, DC, however, continue to buck the trend, gaining value year-over-year.  As I pointed out in my last post, the magnitude of the gain in Austin remains impressive, even compared to Washington, DC.

Sales volume remains soft in Austin and Central Texas, but listing inventory continues to adjust to allow a healthy balance.  Moreover, distressed sales (short sales and foreclosures) remain a much smaller portion of our market activity than in most Case-Shiller cities.  Combined, those factors translate into a market environment in which sale prices, on average, continue to rise.

Austin and Central Texas real estate markets will certainly benefit from a broad recovery of the economy and real estate nationally, but we continue to create jobs and attract new residents, and that’s good for everyone concerned here.

About Bill Morris, Realtor

More than thirty years of business experience (high tech, client service, business organization and start-up, including many years in real estate) tell me that service is the key to success and I look forward to serving you. I represent both buyers and sellers throughout the Austin metropolitan area, which means first-hand market knowledge is brought to bear on serving your needs: -- Seller Representation is a comprehensive process that begins with thorough market analysis and consultation, continues with properly staging the home to achieve the highest price possible in a reasonable time on market, a complete program of marketing and promotion, ongoing updates and communication, closing coordination, and follow-up throughout (and after) the sale. -- Buyer Representation is also full service: shopping, previewing, price and market consultation, contracting, negotiating, coordination of inspections, appraisals, repairs, and closing details, and follow-up beyond the closing of your purchase to ensure your lasting satisfaction. Because the real estate industry is becoming more sophisticated and challenging every day, you need a professional that understands the industry and is positioned to stay ahead of the game. I go the extra mile to help you achieve your goals. That's why I constantly research the market and property values so your home is priced effectively from day one. I also make sure the public knows your home is for sale by using innovative advertising and marketing techniques to attract potential buyers.


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