The group’s Multiple Listing Service data showed total homes sold decreased to 1,221 in October, while home listings were up 8 percent to 9,703 properties on the market. At the same time, the median price jumped 10 percent to about $198,500.
Higher priced homes have continued to sell well over the last few months. This trend has been a driver in the steady increases in the median and average prices the market has experienced during the same period Austin Board of Realtors Chairman John Horton said.
“It has been a unique year in evaluating trends in the real estate market due to the impact of the expired homebuyer tax credits. Monthly comparisons are still being skewed by the artificial stimulus the tax credits provided.”
Sales volume year-to-date was down 5 percent compared with the same 10 months last year, with a total 15,228 homes sold. Austin residential properties spent an average of 92 days on the market last month, up 26 percent from 2009.
Sales activity in the higher prices ranges continued to increase on a year-to-date basis in October with homes priced at $500,000 and above experiencing double-digit increases, according to the report.