The Austin area real estate market can't seem to make up it's mind according to the latest report from the Austin Board of Realtors.
In the September update from ABOR, we see that the central Texas area had an increase in home sales, while the City of Austin had a decline. Single home sales in Austin proper decreased by 4.5 percent year-over-year, but the median home price actually increased year-over-year, by 10.6 percent.
(image via ABOR)
"These stats are a reflection of macroeconomics at work, simple supply & demand," say broker/owner Matt Prewett. "When supply is low, and demand is high, prices increase."
"I have recently noticed a slowdown in the market," continues Matt. "This is most likely annual cyclicality as the market cools after another white-hot market from early Spring into June. Inventory levels (supply) seem to be up just a little bit in some pockets of Austin, but overall is still low relative to demand, floating around 2-3 months of inventory at most."
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