Building on last week’s review of the post-recession journey taken by the Austin housing market, more good news arrived this week.
According to the Austin Business Journal:
Single-family homes sold in the Austin area rose 33 percent in August from a year ago.
The new data from Austin Board of Realtors shows the total number of single-family homes sold last month totaled 1,978, and the median sales price was unchanged from last year at $200,000.
“With the impact of the homebuyer tax credits fully behind us, it’s encouraging to see three consecutive months of year-over-year growth in sales volume for Austin-area homes, particularly the strong growth seen late this summer,” said Judith Bundschuh, chairman of the Austin Board of Realtors.
According to the data, Austin outgained nation-wide single-family home sales, which rose 8.5 percent over July 2011, and 20.2 percent over August 2010. Nationwide prices, however, are still nearly 5.4 percent lower than a year ago.
This late-summer surge is similar to the one we noted in the Dallas-Ft. Worth housing market a couple weeks ago here at TexasLendingToday. In August, the North Texas market jumped by a whopping 27 percent, compared to a year ago. Not to be outdone, Houston posted a 30.2 percent increase over August of 2010.
Although we can think of about a hundred scenarios that could trigger a global recession and wipe out the nascent recovery we’ve seen here in Texas, this is a good sign for all involved. If you’ve been waiting until the market returns to normal strength to sell your home, that time could be coming soon. If you’ve been waiting to see if prices are going to further bottom out before buying, this could be an indicator that the time to buy is now.