Industry News

Austin home sales nail record

Realtors attribute market boom to affordable home prices

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The Austin, Texas, real estate market nailed a record 2,805 single-family home sales in August, as for-sale inventory continues to decrease, according to the latest Multiple Listing Service report from the Austin Board of Realtors. Realtors reported 2,805 single-family home sales last month, up 6 percent from approximately 2,646 sales in August 2005. "The Austin market continues to buck the national trend because this city is really in the infancy of its life as a major metropolis," said ABoR Chairman John Rosshirt. "Relative to other big cities, Austin's prices are a steal. Plus, the quality of life here makes it a desirable destination for people and businesses looking to relocate." The median price of single-family properties gained 8 percent from a year ago to $182,500, up from approximately $169,000 in August 2005. The number of active single-family listings fell by 2 percent year-over-year in August to 8,137, down from 8,368 listings in July. The properties sold last month sat f...