Industry News

Austin home sales nail July record

Texas market defies national slowdown

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Single-family home sales in the Austin, Texas, area posted a seventh consecutive month of double-digit growth in July and set a record for the month, according to the latest Multiple Listing Service report from the Austin Board of Realtors. In July, Realtors reported a record 2,721 single-family home sales, up 11 percent from July 2005 -- although this was down from June's total of 2,980 sales. Year to date, 15,778 single-family properties have sold in the Austin market, up 13 percent from the same period in 2005. The median price of a single-family home last month also broke a record at $178,190, up 5 percent from July 2005, but down from June's record of $182,000. The number of active listings decreased 6 percent year-over-year in July to 8,368, and was down from 8,477 listings in June. According to the latest report from the National Association of Realtors, existing-home sales nationwide have been down each month since April, impacted significantly by rising interest rates and for...