The total volume of home sales in Austin is up but the homes selling in July 2014 were selling at a slower pace. The news suggests a slowdown of the continued upward sales price of Austin homes. It only stands to reason the momentum of rapidly escalating home prices in the 2014 spring market was due to plateau.
The Austin Board of Realtors showed sales in July dropped 3% compared with the same month in July 2013. However we had a very robust spring market with buyers out-bidding each other for homes to close in May or June. Many buyers did not obtain a home and resorted to leasing a home. Some were disgusted with the process and are sitting it out to see what happens to the market.
The median and average prices for homes sold increased in July up 9% compared to 2013. There are concerns that home prices have escalated too quickly and the affordability for many are a worry. The demand for housing is high in Austin. We need well priced inventory that is reasonably priced and attainable in order to meet the demands of the consumer.
As always, Austin real estate information is brought to you as a courtesy by Dorie Dillard of Coldwell Banker United, your NW Austin Real Estate Consultant.
Selling or buying a NW Austin home is a complex process and you want to work with a REALTOR® that understands the process and the ever changing dynamics of the Austin housing market. I have systems in place, references and am a good listener and communicator. It would be my pleasure to schedule time to see if we are a good match. Reach out to me at 512.346.1799 or email at dillard@reloaustin.com.
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