Industry News

Austin real estate posts strong January

Local economy reaps benefits

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Home sales and prices in the Austin, Texas, area posted double-digit gains in January from a year ago, according to the latest report from the Austin Board of Realtors. Single-family home sales totaled 1,556 last month, a 16 percent increase from January 2005. However, last month's sales fell 29.8 percent from the December 2005 level when 2,019 sales were recorded. Single-family home sales contributed approximately $355.1 million to the local economy in January, which represents a 34 percent bump from the same month a year ago. At $165,750, the median price at which single-family homes sold in January increased 12 percent over January 2005, although last month's price dropped 2.5 percent from December 2005's price of $170,000. While the vast majority of sales increased, the number of new and active single-family listings on the market decreased. At 3,165, the number of new listings dropped 7 percent from a year ago, while active listings fell 11 percent to 7,143. These properties sat ...