Austin Real Estate Statistics September 2008

Eric Bramlett
October 21, 2008

Sorry I didn’t post August’s stats.  Busy or something.  :)  Anyways, the stats are out for September 2008.

abor-stat-sep-2008

We saw the first month over month decrease in September – the average sales price decreased by 3.7%.  The median sales price stayed virtually the same.  The # of homes sold decreased from 1816 to 1670 – an 8.1% decrease.  This is a very interesting stat for me.  Over the year, we’ve seen anywhere from 20-25% month over month decreases.  I can distinctly remember last August/September, when we started hearing back from lenders that certain types of borrowers were no longer qualified.  “What?  No 0% down stated income programs?  Really?”  We stopped seeing programs disappear around December.

Because of the financial news this October, I think that October 2008 will be a fairly decent decline in sold volume from Oct 2007, but I think we’ll see relatively similar volume in November/December from 2007 to 2008.

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Sam Chapman
October 22, 2008

I agree with you about October. Have you seen the news about sales in significant areas in CA shooting way up? There is usually a lag time, but when CA picks up, Austin picks up.

Eric Bramlett
October 22, 2008

Hey Sam. No, I haven’t seen the news about CA sales picking up. Do you have a link to that? That’s great news for Austin.

Jayson
October 22, 2008

Here’s a link Eric – http://www.businessweek.com/ap/financialnews/D93V74M80.htm

It’s good news in California (at least for inventory) – hopefully it’s a sign that people are getting off the fence.

I’m sure October won’t be too impressive. It’s hard to imagine many people forgetting about their 401k in lieu of buying a new home in a tough market.

Barry Cox
October 22, 2008

Interesting read. Sam, how do you surmise that more home sales in CA translate into more home sales in Austin? I hope the lag time in CA applies to Scottsdale as well. By the way, that skiing picture on your about page is sweet.

Vicki Walker
October 22, 2008

Eric:

Here’s another link to California real estate sales picking up.

Sacramento area closed over 4,300 escrows in September, an increase of over 2,000 from same month in 2007, sixth straight month over year-over-year sales increases.

http://www.sacbee.com/142/story/1332806.html

Austin Real Estate Stats: September 2008-2009
October 20, 2009

[...] factors to consider include the first time homebuyer credit, and the fact that September 2008 was pretty horrific.  In September 2008, the sky had just started falling, and we were in the [...]

Jermaine Alessi
January 30, 2010

Do you make money out of this blog? just curious

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