Industry News

Austin real estate posts strong February

Home prices grow as days on market dwindle

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Home sales in the Austin, Texas, area grew at a double-digit pace in February compared to a year ago, according to the latest Multiple Listing Service report from the Austin Board of Realtors. Single-family home sales experienced a 15 percent annual increase last month, totaling 1,722, and were up 10.6 percent from January. At $169,900, the median selling price last month represents a 7 percent increase over February 2005, and is 2.5 percent higher than January 2006 when the median was $165,750. Townhouse/condominium sales rose by 28 percent to 190, and farm/ranch sales jumped 126 percent to 77. At an average of 71 days, single-family properties sat on the market for 13 percent less time than they did in February 2005. The number of active single-family listings also decreased, by 11 percent, to 7,377. The Austin Board of Realtors is a non-profit, voluntary organization representing more than 7,000 licensed Realtors in Central Texas. *** What's your opinion? Send your Letter to the E...