Austin Real Estate Market Update September 2008

The Austin real estate market is still strong with an overall 1.5% price increase for single-family homes for the year (January 1 thru September 30, 2008), but the market has seen a 22% decrease in the number of homes sold proving that Austin is not immune from the current national market woes.  I'm seeing many homeowners opt to pull their home off the market rather than sell at a "below market" price, thereby preserving the sales prices thus far in Austin for single-family homes.  The only way I can see home prices plumetting would be if there were massive layoffs causing increased unemployment forcing homeowners to sell at whatever price they can get - possibly investor prices since demand may be low in this scenario.  While I understand that the global economy is tanking as I write, I'm not yet convinced of this gloom and doom scenario in Austin Texas.  My detailed market report can be found at Austin real estate market update September 2008.  Anyone can search for Austin homes for sale by clicking this link.

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