Sales may be down in Austin – compared to last February they’re down 28%, reports Austin Business Journal – but prices have increased 5% over the same time period.
“These statistics demonstrate how Austin-area home prices have held steady and continue to appreciate, despite volatile credit markets and difficult conditions in other states,” said ABoR Chairman Jay Gohil. “Compared to last month, we’re seeing the year-over-year gap begin to close on sales volume and hope consumer confidence will continue to rise to further spur the market.”
On one hand, Yeah! At least there’s one investment in my portfolio that’s not pulling a Titanic. On the other hand, BOO! There goes my argument in front of the Travis County Tax Appraisal Board this May.
Some people are saying it’s because we never experienced the housing bubble that other parts of the country – and that our market is fairly priced. Or it could be the record low mortgage interest rates or tax credits available right now.