Numbers for the Upcoming Months of Sept and Oct will be key to our market recovery. Sales had been up five months in a row as of the end of June. That increase held constant in July and then decreased in August. That's the negative. The positive is that listings have not increased increased significantly so that the net inventory levels are still below 6 months in home prices less than $300,000. This is the normal definition for a Seller's market. We need a flattening but not a significant decrease in sales during the coming months if we are to say that the market has definitely turned the corner.
Home prices above $300,000 are still in a Buyer's market and will likely remain so for the next six months.
The table below shows inventory levels for August of Austin homes in different price ranges.
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Inventory Levels Based on Home Price in the Austin Area for June 2009
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|
Home Prices
|
Sales
|
Listings
|
Aug Inventory
|
July Inventory
|
|
100K-200K
|
851 |
3040 |
3.6 months
|
3.3 months
|
|
200K-300K
|
436 |
2072 |
4.8 months
|
4.3 months
|
|
300K-500K
|
278 |
2037 |
7.3 months
|
6.8 months
|
|
500K-1M
|
99 |
1313 |
13.3 months
|
11.2 months
|
|
