Austin Home Sales Fall in October
Originally Published by the Austin Business Journal.
Single-family home sales in the Austin area fell 25 percent in October compared with the same month last year, and October’s active listings rose 5 percent from the same time last year, according to data from the Austin Board of Realtors.
Single-family home sales contributed $324 million to the Austin economy in October, down 24 percent from last October.
Median home price in October rose, however, to $192,520, a 7 percent increase from a year ago and a record for the month.
October also saw a jump in Austin’s single-family home leasing sector. Leases contributed $1.4 million to the local economy in October 2008, a 31 percent increase from a year ago. The median lease rate for single-family homes was $1,150, down 3 percent from last October.
The most recent report from ABoR reflects the impact of the national economic upheaval on the local market, ABoR Chairman Socar Chatmon-Thomas says.
“However, Austin is still enjoying home price appreciation and has an excellent growth record for population, employment and income,” Chatmon-Thomas says.
For the Full Article at the Austin Business Journal
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