Austin real estate posts record November

Home sales and prices in the Austin, Texas, area reached new highs for the month of November, signaling a still-hot market, the Austin Board of Realtors reported today.

According to the latest Multiple Listing Service report, a record 1,902 single-family homes were sold last month, up 6 percent from approximately 1,795 sales in November 2005. Last month was the 11th consecutive month of year-over-year sales gains, according to statistics.

The median home price of $175,000, although unchanged from October, set a record for November and was up 3 percent from a year ago.

Property owners are beginning to postpone their selling plans, as the 2,340 new listings added to the market last month represented a drop of 24 percent from October and 3 percent from a year ago. Despite the decline in new listings, active inventory at the end of November totaled 7,354, still 3 percent higher than the same month last year.

Single-family homes that sold in November spent an average of 68 days on the market, which is unchanged from a year ago, but is two days longer than the October average, according to statistics.

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