economy
12:53 pm
Tue November 20, 2012

Housing Hot Streak: Austin-Area Home Sales Surge 37 Percent

Not since the federal government was doling out $8,000 tax credits to first time homebuyers have home sales surged this much in the Austin area.

In October, 1,960 single-family homes were sold in Austin, according to the Austin Board of Realtors. The 37 percent year-over-year increase was the largest since November 2009.

“We’re very vibrant,” says Austin Board of Realtors chairman Leonard Guerrero, pointing to Austin’s growing population. “

Here’s some more data from the Austin Board of Realtors’ report, which is compiled using statistics from the Multiple Listing Service.

  • Median price for single-family homes: $199,320 (up five percent from October 2011)
  • Average number of days single-family homes spent on the market: 68 (October 2011 was 76 days)
  • Months of inventory of single-family homes: 3.4 months (October 2011 was 5 months)
  • Condo sales last month: 197 (up 22 percent from October 2011)
  • Median price for condos: $183,890 (up three percent from October 2011)
  • Average number of days condos spent on the market: 63 days (down 30 percent from October 2011)

"These folks need housing," adds Guerrero, "whether they lease or buy. And then of course the existing population here is looking to either move up or improve their situation.”