Austin Area Feels Effects of National Housing Slowdown

December 18, 2008 - In November 2008, the Austin real estate market showed signs of slowdowns seen in other parts of the country. According to the November 2008 Multiple Listing Service report published by the Austin Board of REALTORS® (ABoR), single-family home sales dipped 40 percent from November 2007, which represents a 20 percent decrease year-to-date.

The median price for a single-family home was $180,000, a three percent decrease from November 2007. In total, single family home sales in November 2008 contributed $231,014,520 to the local economy, not including approximately 1,147 pending home sales.

“There is no denying the Austin market has begun to slow,” said ABoR Chairman Jay Gohil. “However, we still enjoy strong statewide job growth and low unemployment, two factors missing in other, more challenged parts of the country. These sound fundamentals, combined with capital that should flow more freely to homeowners from the recent federal bailout, will put Austin in good stead as the market begins to recover.”

November 2008 – Single Family Homes

• 990 was the number of homes sold, down 40 percent from November 2007
  
• $180,000 was the median price, down 3 percent from one year ago
  
• $231,014,520 was the total dollar volume of homes sold, down 44 percent from last November