Real Estate News

Central Texas home sales up 11 percent in November

Sales of existing homes in the Austin area rose about 11 percent in November and the area’s median home price was up 3 percent compared to the same month last year, the Austin Board of Realtors reported today.

Year to date, home sales are up 7 percent over the same period in 2010, and the median price for the year remained unchanged at $194,000, according to the Board of Realtors data. The board said 1,358 homes were sold in November, compared with 1,225 in November 2010. The median price for last month’s sales was $189,300.

“For the sixth month in a row, the volume of home sales in Austin has outpaced 2010 and the inventory of available homes has decreased,” said Judith Bundschuh, the board’s chair. There were 7,173 homes on the market in November, 18 percent fewer than a year ago. Pending sales were up 15 percent, with 1,448 homes in the closings pipeline.

Homes spent an average of 83 days on the market in November, seven days less than in November 2010.

At the November sales pace, the Austin area market had a 4 1/2 months supply of homes, 1.4 months less than November 2010 and the lowest figure reported since the organization began tracking the statistic in January 2009.

“As we approach the end of the year, sellers should be encouraged that demand and prices are strong,” Bundschuh said. “Buyers should know the decrease in inventory combined with increased demand could mean they will encounter more competition for properties.”