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NAR: Median Home Prices Down - How About Austin?
According to a report from the National Association of Realtors® this week, the median price of resale homes in almost 3/4 of 150 U.S. metros in 3rd Quarter 2011 compared to the same period in 2010. Click here for details. NAR's data shows a 4.8% decline for single family homes in Austin, and a 2.1% increase for condominiums. I have not tracked prices by product category in my Austin Market Dashboard, but the combined data that I do have, as reported by the Real Estate Center at Texas A&M University shows about a 1% decline overall from 3Q'10 to 3Q'11, so we're in the right ballpark.
Reviewing monthly Austin Metro median prices reveals a clear trend from pre-recession times to now, noticeably interrupted in July 2010 by the end of our last homebuyer tax incentives:

Isolating just the 3rd quarter numbers from those years shows that this year's quarterly decline is not especially a concern. Note price levels in 2011 compared to 2007 and 2008, when we should have been feeling the effects of the housing downturn:

The weakest time for home prices in the Austin/Central Texas market was 2009, and this year's 3rd quarter median is up 3.5% from that ... more

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