Central Texas Home Prices Up

AUSTIN (Austin Board of Realtors) – Sales of existing single-family homes slowed last month even as prices continued rising, according to the latest Multiple Listing Service (MLS) report. In December 2007:

• the number of homes sold was 1,655, a 16 percent drop from December 2006;
• the median price for a home was $191,250, an 8 percent increase over the previous year; and
• the total dollar volume sold was almost $416.5 million, an 11 percent decrease.

A total of 25,151 existing single-family homes were sold in 2007, an 8 percent decrease from 2006. Properties sat on the market an average of 62 days, the lowest time span in five years.

The median price for the year was $185,000, a 6 percent increase over 2006. The total dollar volume sold was more than $6.3 billion, a 2 percent decrease.