Austin Home market surges; median price hits record $170,000

November sales up 24 percent from a year ago.

Monday, December 19, 2005

The Central Texas resale home market surged in November, with a 24 percent increase in sales and a 15 percent jump in the median price, to an all-time high of $170,000.

Owners sold 1,870 homes last month, up from 1,570 in November 2004. While the home market tends to slow down at the end of the year, November was only 25 sales behind October.

The jumps were good news for sellers, but buyers could be in for a tough time as the supply of homes for sale fell 6.2 percent, to 7,173, the lowest it has been in several years.

A year ago, there were more than 8,300 homes on the market.

Homes are selling especially fast in some areas, including the real estate zones that include Northwest Hills, with an average of 26 days; South Austin, 20 days; North Central Austin, 26 days, close-in East Austin, 26 days, and Southwest Austin, 22 days.