Team Price > MLS Search > Market Statistics > July 2012

Published August 27, 2012 / Team Price Real Estate

A few short years ago, housing was considered a headwind to economic recovery. Today, housing is seen as a tailwind to a stalling economy. For the first time since 2005, housing is on track for contributing positively to national GDP in 2012. That can occur either by way of direct residential investment or through remodeling and other ancillary services. Watch for signs of sustained tailwinds in a variety of indicators, including market times, seller concessions,prices and absorption rates.

New Listings in the Austin region increased 3.9 percent to 3,287. Pending Sales were up 24.7 percent to 2,623. Inventory levels shrank 23.1 percent to 9,162 units. Prices moved higher. The Median Sales Price increased 11.3 percent to $211,500. Days on Market was down 22.7 percent to 57 days. The supplydemand balance stabilized as Months Supply of Inventory was down 36.6 percent to 4.4 months.

July 2012 Detailed Market Report

Sustained recovery will not occur without real employment and wage growth. Consumers must be confident in both the economy and their family finances before signing on the dotted line. Cheap borrowing costs have served as the glue binding things together. Unimaginable a few years ago, the rate on a 30- year fixed mortgage recently ducked below the 3.49 percent marker. Job creation and GDP numbers will garner particular attention this quarter.

Sign up for email updates