Industry News

Buyer’s market dominates in parts of Lone-Star state

Inventory grows, home prices shrink

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The number of active listings for existing homes in Central Texas grew to 9,400 in February, the highest level recorded for that month, according to MLS statistics reviewed by the Austin Board of Realtors. The large inventory, coupled with a 13 percent increase in the time on the market for a typical home, to an average 77 days on the market, suggests a strengthening buyer's market in the region.   The average price for a single-family home increased 2 percent since February 2003, the Austin board reported, from $196,000 to $198,000, while the median price for a single-family home dropped to $150,500 in February, which is about $10,000 less than the median price in February 2002. The Austin Board of Realtors represents about 5,500 Realtors in Central Texas.   The Dallas-Fort Worth area has seen a similar trend toward a stronger buyer's market, as the price of existing homes in the area dropped about 2 percent in the first quarter of 2004 compared with the first quarter of 2...