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Market News and Trends

Austin-Area Pending Home Sales


The National Association of Realtors® reported a few days ago that pending homes sales were down 1.8% from a month earlier.

In the Austin/Central Texas market, that short-term snapshot looked even more bleak:  1551 pending contracts in September vs. 1700 in August — down almost 10%.  That matches my personal experience and that of virtually all agents and brokers I have talked to:  July and August were “soft” after the expiration of this year’s homebuyer tax credits, but September all but came to a stop.

October showed signs of life again, and it appears to be continuing in November.  With tax credit-fueled market distortions, a pause or a moratorium in new foreclosures, and entering a typically slow winter season, it is impossible to predict whether we have a trend, or just a few weeks of new activity driven by the lowest mortgage interest rates ever.

Whatever the answer that that riddle, we continue to have the strongest local and regional economy in the country, fairly balanced housing supply/demand numbers, and market prices higher than a year ago.  Yes, we’re feeling the the effects of the recession, but I would rather be a buyer or a seller — or a real estate professional, for that matter — here than anywhere else right now.

Time will tell ….

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About Bill Morris, Realtor

More than thirty years of business experience (high tech, client service, business organization and start-up, including many years in real estate) tell me that service is the key to success and I look forward to serving you. I represent both buyers and sellers throughout the Austin metropolitan area, which means first-hand market knowledge is brought to bear on serving your needs: -- Seller Representation is a comprehensive process that begins with thorough market analysis and consultation, continues with properly staging the home to achieve the highest price possible in a reasonable time on market, a complete program of marketing and promotion, ongoing updates and communication, closing coordination, and follow-up throughout (and after) the sale. -- Buyer Representation is also full service: shopping, previewing, price and market consultation, contracting, negotiating, coordination of inspections, appraisals, repairs, and closing details, and follow-up beyond the closing of your purchase to ensure your lasting satisfaction. Because the real estate industry is becoming more sophisticated and challenging every day, you need a professional that understands the industry and is positioned to stay ahead of the game. I go the extra mile to help you achieve your goals. That's why I constantly research the market and property values so your home is priced effectively from day one. I also make sure the public knows your home is for sale by using innovative advertising and marketing techniques to attract potential buyers.

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