Team Price > MLS Search > Market Statistics > October 2011

Published November 18, 2011 / Team Price Real Estate

There's the numbers, then there’s the story behind them. For months, declining inventory has been the national tale to tell. This suggests a changing narrative with different voices. A buyer might tell you that record low mortgage rates and affordable prices made homeownership more attractive than renting. A seller may say that less competition allowed them to receive more of their asking price. The moral of the story? Real estate is local both in terms of geography and personal circumstance.

New Listings in the Austin region decreased 2.7 percent to 2,474. Pending Sales were up 26.3 percent to 1,798. Inventory levels shrank 23.4 percent to 9,497 units, a trend that could indicate a changing landscape.

Prices were fairly stable. The Median Sales Price decreased 0.5 percent to $189,000. Days on Market decreased 9.5 percent to 80 days. Absorption rates improved as Months Supply of Inventory was down 29.2 percent to 5.3 months.

October 2011 Detailed Market Report

Recent reports from the broader economy have dispelled the story of a doubledip recession. An early reading of gross domestic product (GDP) showed 2.5 percent growth. Meanwhile, national job growth, a major driver of housing demand and price support, has recently strengthened. An increasingly impatient White House has rolled out phase two of the Home Affordable Refinance Program (HARP) for Fannie- and Freddie-backed mortgages. This should help a number of consumers as they write the next chapter of their lives.

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