August Home Sales Down

Austin home sales are down for the month of August comparing 2008 sales to 2009.

  • 1,994 sales were closed in August 2008 compared to 1,793 sales in 2009, an 11% decline.
  • The median home price in Austin fell from $196,740 in 2008 to $189,000 in 2009, 4% lower.
  • Listings fell 8% in volume and the average sales price fell from $256,345 to $243,853.

In a statement, Jay Gohil, chairman of ABOR notes that, “It’s fairly normal for our market to slow down in Autumn”.  This explains the reduction in activity when looking at July to August 2009, but  its not pertinent when looking for an explanation as to why 2009 numbers are down compared to 2008.

Mr. Gohil makes a good point regarding projected activity for September through November.

“Looking ahead, it will be interesting to see what impact the November 30 deadline for the first-time homebuyer tax credit [up to $8,000] has on demand this fall.”

However, news for September is already looking up.  The Austin American Statesman is reporting that September sales pending to close are up 10% over August.  If the pending sales were all to close that would result in an increase of 18% over 2008 numbers.

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