Lets take a closer look at the statistics to see what's really going on here in our market. -Unit sales were down (vs. 2006) by 2%, current listings were up 13%, and pendings were down 16%. The median price rose to $190,000 (up 7%) and the average price rose to $258,494 (up 6%). In the NAR, 2nd quarter Metro Home Prices report, -prices are improving but sales are down in most states. In comparing 2nd quarter single-family home prices of Q2 2007 to Q2 of 2006, of 149 metropolitan areas reviewed,  50 had declines (average of 3.9%) while 97 had increases (4.5% average, but 9 had double-digit gains).    

The average for the United States was a 1.5% decline. Keep in mind that, due to the economic principle of fixity (real estate can not be moved its location is fixed) local economic growth continues to play a factor in our real estate market.  The Austin economy's strong growth helps us overcome most issues facing the nation as a whole....especially the mindset of the consumer!   Austin experienced a healthy 5.6% gain over the period which confirms we have had steady growth, -yet have not over-heated like some markets that are experiencing a correction to compensate for the dramatic increase in their real estate markets.   

Comparing the national median home price of $223,800 vs. Austin's $190,000 shows our market has substantial room to grow without becoming overpriced.  Our strong job market is adding fuel to our region's economic growth .    

July's 4.6% annual growth rate is the highest of this year, and every sector tracked by the TWC added jobs in the past 12 months.  In addition, 12 local Austin companies made Inc's annual 500 list of fastest-growing companies.  My broker, Keller Williams Realty, made the list!