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According to the Austin Board of Realtors® , pending homes sales in the Austin metro area down27% in September 2010 compared to September 2009. Year-to-date sales, however, were down only 1%.
“Leave housing to market forces, let prices fall until buyers are motivated to come in, and hope that the economy can stand one final cathartic wave to clear the excesses of the bubble.” Continue reading
Prospective home buyers have an incredible opportunity right now — increased listing inventory, record-low mortgage rates, and stable or slightly increasing demand that should push prices up over the next six to twelve months. Those who choose to sit out this part of the market cycle are likely to look back in two years and say, “I should have moved then.” Continue reading
The $500,000-and-up went from 7% of the Austin/Central Texas single
family market a year ago to 12% in the last month! Continue reading
Much has been made in the press lately about the fall-off in home sales from June to July 2010, with home sales down 27% nationally. My first reaction is, “Duh!” Continue reading
It may be that a comprehensive survey of home builders in the Austin area will show that they lost confidence in August, just as reported nationally. The builders I talk to, however, while cautious, aren’t waiting for the sky to fall, and this recent market performance is relatively positive given conditions in other places. Continue reading
The number of new contracts signed in May and June in the Austin Metro area were down significantly from the April peak created by tax incentives, but there is still residual demand. August data may tell whether a trend is developing. Continue reading
Year-to-year sales performance in the Austin metro area does not show the kind of growth reported nationally, but there is a lot to be thankful for in this market area, and plenty of reason for optimism for the future. Continue reading
Nationally, new home sales skyrocketed in June, compared to May. While one month does not make a trend, growth is good news. As usual, Austin is experiencing this recession differently than the hardest hit areas. Continue reading
An feature article in the Business section of today’s Austin American-Statesman highlighted a decline in home sales in the Austin area and growth in listing inventory. As noted by the Austin Board of Realtors the very small sales decline is really reason for optimism for the Austin/Central Texas real estate market. Consider listing inventory relative to current demand. Continue reading
Bill Morris on Austin Real Estate 