Austin Real Estate Market Summer 2007
It’s home buying season in Austin. Are you ready? As Austin schools let out for the summer, many people are looking to sell their homes and realize the tremendous appreciation in the Austin real estate market over the last five years and begin the search for their special new piece of Austin real estate. Selling your home will require research and planning.
The US Commerce Department reported on May 16 that construction of new homes in the US were up 2.5% in April but building permits fell by 8.9%, the largest amount in 17 years, signaling that the real estate market is still slumping. However, the Austin real estate market remains strong in the more desirable neighborhoods.
The Austin real estate market median home price was $172,000 in 2006 which is higher than the Texas median of $143,000 and lower than the national median of $221,900. Austin has experienced a significant increase in the distribution of home sold in the $200,000+ range and a decrease in the home sold in range less the $120,000. The number of Austin homes sold in February and March 2007 is basic flat from 2006. Overall the Austin home market has seen an price increase of about 7% from 2006.
