In a sales report released yesterday, the Austin Board of Realtors reported that home sales in the Central Texas region soared 32 percent in July from a year ago.
Although the median sales price did drop 11 percent, 1,973 homes were sold compared with 1,499 in July 2010.
“The increase in sales compared to the drop in price shows that Austinites are hunting for bargains,” said Judith Bundschuh, who chairs the local board.
The report also featured data on inventories. In the Austin area, homes spent an average of 77 days on the market, which was four days longer than July 2010. Also, 9,393 homes were on the market in July 2011, 20 percent fewer than a year ago.
“The combination of decreasing listings and increasing sales means the inventory of Austin-area homes is beginning to shrink,” Bundschuh said. “Recent sales activity continues to follow an upward trend, indicating that Austin could be returning to a pre-recession cycle.”
The data out of Texas is a contrast to national data, which, though improving, does show a national housing market with some quirks to work out. It does, however, resemble data in Houston, which saw similar spikes in sales.