Team Price > MLS Search > Market Statistics > November 2011

Published December 16, 2011 / Team Price Real Estate

Home prices are one of the most popular barometers of market vitality, yet they only tell part of the story. Soft prices may accompany improvements in other indicators such as purchase demand, absorption rates, seller concessions or market times. Regional, market-wide prices fall short by not recognizing the mix of homes that close each month, be it weighted toward single-family, lendermediated or new construction. In addition, price movements often lag changes elsewhere in the marketplace. Let's see what the preferred market yardstick has measured for November 2011.

New Listings in the Austin region decreased 1.5 percent to 2,051. Pending Sales were up 27.5 percent to 1,648. Inventory levels shrank 22.2 percent to 8,817 units, a common trend across the country.

Prices held onto gains. The Median Sales Price increased 3.1 percent to $185,000. Days on Market decreased 8.4 percent to 79 days. Absorption rates improved as Months Supply of Inventory was down 28.5 percent to 4.8 months.

November 2011 Detailed Market Report

Not only do forces beyond supply and demand affect home prices, but other factors outside of housing serve as inputs into the equation. New job growth and consumer confidence drive household formations which in turn fuels purchase demand and pressures prices. Similarly, when real incomes rise, families can afford more house and move-up buyers become increasingly motivated. To that end, the jobless rate fell from 9.0 percent to 8.6 percent in November – the lowest in 2.5 years.

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