Along with a number of residential sectors across America, the Lone State State's capital city recorded significant improvement in its housing market during recent months.
ZipRealty's latest Housing Trends Report listed Austin as one of the areas which exhibited growth in median sales price, in addition to new listings and pending sales. Meanwhile, year-over-year positive decreases were observed in the number of distressed sales and median amount of days a house was listed on the market during March.
The real estate information provider outlined an 8 percent annual increase in the city's median home sale price, moving up from $205,000 in 2012 to $222,000 in 2013. Additionally, 9 percent more new listings were recorded within Austin's housing market, as 318 additional properties were listed this year than during the same period last year. Public property records note pending sales also showed a significant rise, jumping 30 percent on an annual basis, from 2,226 in March 2012 to 2,886 during the recent month. The metropolitan area saw the percentage of distressed sales which comprise total transaction figures decrease 4 percent annually, and the median days on the market dropped 51 percent - from 45 days to just over three weeks.
Four of the five areas ZipRealty announced had exhibited the largest declines in median days on market were located in California. Las Vegas rounded out the pack, which included Orange County, San Diego, Sacramento and Los Angeles. Lanny Baker, chief executive officer ZipRealty, said this information may point toward considerable obstacles for consumers looking to purchase a residential property.
"With warmer weather approaching and all the good news about prices and selling activity, the number of newly listed homes for sale has started to increase, and in most cities new listings outpaced pending sales in March," said Baker. "However, in Las Vegas, Sacramento, San Diego and Orlando, new listings are barely keeping up with demand, and serious home buyers still face significant challenges."
Pending sales seen increasing nationwide in March
Not just Texas cities benefited from increased housing activity during the third month of 2013. The National Association of Realtor's Pending Home Sales Index for March exhibited a 1.5 percent increase to 105.7 in March, from the level of 104.1 logged during February.
The rise in buyer interest and seller confidence could be attributed to the repeated declines seen in mortgage rate averages during the month, as residential lending companies may be feeling a heightened sense of safety and soundness in the drafting of loans with consumers.