Team Price > MLS Search > Market Statistics > October 2012

Published November 12, 2012 / Team Price Real Estate

It's been an excellent year for real estate as most markets shed listings, resulting from strong sales and sluggish seller activity. There has been a general easing of foreclosures and short sales, meaning distressed listings are dragging prices down less than in recent years. So it's both about market fundamentals and market composition.

New Listings in the Austin region increased 1.9 percent to 2,531. Pending Sales were up 34.5 percent to 2,198. Inventory levels shrank 23.0 percent to 7,773 units.

October 2012 Detailed Market Report

Prices moved higher. The Median Sales Price increased 4.1 percent to $195,500. Days on Market was down 20.9 percent to 64 days. Absorption rates improved as Months Supply of Inventory was down 36.7 percent to 3.6 months.

The economy is growing but at a glacial pace, and economic growth in 2013 is expected to outpace 2012. Mortgage rates are expected to remain near historic lows through 2015, rents are expected to rise due to low vacancy, and financial situations in Europe, China and elsewhere, believe it or not, have an effect on your local housing market.

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