real estate
3:32 pm
Mon August 20, 2012

Austin Real Estate Hotter Than The Weather

The volume of home sales was up for the 14th straight month in July, according to figures released today by the Austin Board of Realtors.   The number of sales was up 20 percent over last year, to 2,344.

Not only are more homes selling; they’re also selling at higher prices, and they’re selling faster.  The median-priced home sold for $214,000 in July, up 9 percent.  That's the sixth straight month that the median price has risen.   And houses sold, on average, in only 63 days, down from 77 days in 2011.

Austin Board of Realtors Chairman Leonard Guerrero says things haven’t looked this good since 2007. "Historically the summertime is a busy time of year for the industry," he said. "And with the influx of new people that we have into the marketplace, the jobs that we have had created here, all of this is pointing to a very robust market for us in the real estate industry."

Guerrero also credits "very low interest rates" and "pent up demand" with pushing the market higher.