Austin Realty has been on a steady rise for about now as demand continues to increase for housing. This has caused a climb in housing value and lowered the length of time which houses sit idle on the market, which are promising signs for Austin seeing as these changes come without any significant external influence.
The market had a 3.4-month supply of homes for sale in October, the lowest inventory figure seen in the Austin area in the last decade, the board said.
Active listings were down 20 percent from October 2011, and pending sales were up 19 percent, pointing to another month of healthy sales when November’s numbers come out. Homes spent an average of 68 days on the market compared with 83 days a year ago October.
“With continued strong demand for homes and only modest increases in new listings, sellers can expect properties to move more quickly than this time last year and buyers should expect strong competition for properties,” Guerrero said.
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