Area home sales, prices up

Austin Business Journal - 2:24 PM CDT Friday

Single-family home sales in the Austin area continued their climb in August, according to the Austin Board of Realtors.

More than 2,800 homes sold, which represents an August record and marked a 6 percent increase over the same time last year. The median price of those homes increased 8 percent, to $182,500.

Sales brought in more than $683 million in revenue, an increase of 19 percent, according to data from the board's Multiple Listing Service. Properties sat on the market for an average of 60 days, 10 percent less time than in August 2005. The number of active single-family listings in the MLS dropped by 2 percent, to 8,137.

"The Austin market continues to buck the national trend because this city is really in the infancy of its life as a major metropolis," says John Rosshirt, the board's chairman. "Relative to other big cities, Austin's prices are a steal. Plus, the quality of life here makes it a desirable destination for people and businesses looking to relocate."

The Austin Board of Realtors is a nonprofit, voluntary organization representing more than 7,500 licensed Realtors in Central Texas.