Team Price > Search > Market Statistics > August 2011

Published September 16, 2011 / Team Price Real Estate

Despite some choppy waters in August, there have been noteworthy shifts on both sides of the closing table. Nationally, buyer activity is moving back in line with historical trends while sellers are making fewer concessions in order to sell their homes. Falling supply and improving absorption rates in many regions also suggest that market balance is realigning towards neutral. Locally, both sales and prices posted positive movement over August 2010, but do the rest of the numbers provide reason for optimism?

  • New Austin Listings decreased 9.4 percent to 2,698.
  • Pending Sales were up 35.6 percent to 2,074.
  • Inventory levels shrank 24.2 percent to 10,570 units, dampening any potential oversupply issues down the road.

Prices were fairly stable.

  • The Median Sales Price increased 0.5 percent to $195,000.
  • Days on Market increased 5.5 percent to 76 days.
  • Absorption rates improved as Months Supply of Inventory was down 21.2 percent to 6.1 months.

Detailed Market Report (PDF)

The economy bobbed along just this side of positive in August. Consumer confidence, which often affects housing demand, showed some slack even as personal income and spending both increased modestly. Low interest rates, declining supply and stabilizing prices are beacons of hope in the harbor, but the recovery still needs wind in its sails.

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