Read the full The Austin American Statesman article by Shonda Novak here: Austin area home sales drop. Austin area home SALES (number of transactions) is down, however, prices are actually up.
“The median price for October was up 10 percent from a year earlier to $198,500, the Board of Realtors reported, reflecting more sales in the higher price ranges.”
“Ed Friedman, a director at Moody’s Analytics who covers the Texas economy, said the housing market eventually will head back up again, “but the pace of improvement will be slow.” Friedman said the October sales decline “may very well be the bottom” and predicts a gradual pickup in sales and prices in 2011.”
Tom: My take-away? 2011 is going to be a much different year for Austin real estate. Note to fence-sitters: time to buy. Looking for foreclosures? Here is a link to get our free Austin foreclosure list and Austin luxury foreclosure list