Team Price > Search > Market Statistics > February 2011

Published March 12, 2011 / Team Price Real Estate

Market activity may appear to be low in year-over-year comparisons due to the 2010 tax credit. We knew this was coming. Several other themes warrant attention before we dig into the numbers. First, we've had several months in a row of private job growth. Second, interest rates, in concert with food and energy costs, are rising. Third, the anticipation of rising rates often motivates buyers. A recovery looms. Now, let's take a look at those numbers.

  • New Listings in the Austin region decreased 24.2 percent from last February to 2,647 new homes.
  • Meanwhile, Pending Sales decreased 0.5 percent to arrive at 1,786 contracts written.
  • This meant inventory levels decreased 6.2 percent from last year to reach 9,874 active listings.

Prices climbed upward in February.

  • Median Sales Price of $187,000 increased 3.5 percent.
  • Negotiations moved toward buyers as Percent of Original List Price Received at Sale decreased 1.3 percent to 92.3 percent.
  • The absorption rate decreased 2.1 percent as Months Supply of Inventory checked in at 5.9 months.

Detailed Market Report (PDF)

The national average interest rate was 5.23 percent on a 30-year fixed. The U.S. government would like to play second fiddle to the private sector in the mortgage market. Shifting the risk burden makes fiscal sense but could threaten an already fragile recovery. The Center for Responsible Lending states that it would take 14 years for the typical American family to save enough money for a 20 percent downpayment, based on national average home prices.

Sign up for email updates