Team Price > Search > Market Statistics > July 2013

Published August 26, 2013 / Team Price Real Estate

It won't be long before the housing recovery is simply referred to as housing. Institutional and cash buyers have effectively priced themselves out of the market. During the downturn, much inventory was purchased by these groups. Now that prices are rising, there's less incentive for these kinds of buyers, yet affordability for consumers remains attractive.

  • New Austin Listings increased 20.4 percent to 3,963.
  • Pending Sales were up 33.9 percent to 3,277.
  • Inventory levels shrank 25.4 percent to 7,323 units.

Prices got a lift.

  • The Median Sales Price increased 6.0 percent to $222,555.
  • Days on Market was down 33.0 percent to 39 days.
  • Absorption rates improved as Months Supply of Inventory was down 39.2 percent to 2.9 months.
 

With mortgage rates slightly up but relatively low by historic standards, the Fed has indicated no change in monetary policy based on a moderately-paced economic expansion. Although the unemployment rate remains a factor to watch, the housing recovery continues to plug along, helping the greater economy with flourishing activity in sales and prices. Housing has made a positive contribution to real GDP growth for 11 consecutive quarters.

Leasing

In July 2013, a total of 2,103 properties were leased in Austin, which is nine percent more than July 2012. The median price for Austin-area leases was $1,400, which is four percent more than the same month of the prior year.

Townhouses & Condominiums
The volume of townhouses and condominiums (condos) purchased in the Austin area in July 2013 was 361, which is 31 percent more than July 2012. In the same time period, the median price for condos was $180,000, which is four percent less than the same month of the prior year. When compared to July 2012, these properties spent 20 percent less time on the market, or an average of 47 days.

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