Austin Home Sales Down 21% from 2007

Posted on Friday, August 22nd, 2008 at 3:18pm.

The Austin Board of Realtors reported this week that Austin area home sales fell nearly 21 percent in July compared to this time last year.  Although the sales drop was spread across all price ranges, the majority of the reductions in sales came from the high and low end of the market.  For example, homes in the Austin area priced between $100,000 and $129,000 saw a 30% drop in sales from July 2007. Worse, homes priced over $1,000,000 experienced a decline of 33% for the same time period.  Compared to the rest of the nation, the value of an Austin home is holding up extremely well. The median price of an Austin area home is up 3% to $195,000 compared to this time last year. On another positive note, new home listings in Austin fell 5% which could help contain values as the inventory of available homes fall in line with the reduced number of buyers.

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