Austin Real Estate Statistics: June Year Over Year
I quit running the stats manually at the first of every month. The average/median prices were fairly accurate, but the sold volume year over year was way off. This is due to delayed reporting. ABOR gives us 5 days to update listings, but some agents take longer. Next month, I plan to manually run the #s around the 10th.
For June, I lazily waited for ABOR to release them. Here they are:
These #s are promising and indicate our housing market is following general economic trends, and not adjusting for past inflation. Number of homes sold was down 4% from 2008, average price was down 2.8%, and median price was relatively unchanged. I have another post coming soon that will break down second quarter numbers, and I plan to show volume sold by price point. First time home buyers are driving the market, and the luxury market is very stagnant. This accounts for a large part of the average price drop and lack of change in median price.
The consensus among economists is that the recession will stop deceleration in 3rd quarter (July-September.) I believe that we’ll see a stabilization in year over year sold volume during this time. Because of the November deadline for the First Time Buyer credit, I think we’ll see a noticeable jump in volume in October (also because October 2008 was so horrible) and I think we’ll see slight increases in Q4 sold volume the following two months.
7 Responses
Conversation