Austin defies gravity of housing trends

    A few areas around the country have so much to offer to so many that they defy the gravity (double entendre intended) of falling house prices and the reality of higher home inventories.  Austin, TX, is a prime example (as opposed to a subprime example -- sorry, couldn't resist).     

    Austin has been considered for decades one of the best values in retirement living.  Texas has no state income tax, and Austin is a huge-university town (University of Texas) with all that has to offer in the way of vitality, continuing education and a stable economy.

    Real estate reports in Austin indicate that May was good month.  Single family home sales were up 2 percent over the same month in 2006, according to the Austin Business Journal, the highest May ever.  The median price for a home, a reasonable $183,160, was up 5 percent year over year. 

    Although total listings were up 8 percent, houses were closing faster, at just 55 day, down 7 percent from May 2006.  Best of all for local homeowners, prices appreciated more than 10 percent in the first quarter of this year compared with the same quarter last year; that was double the national average.

    Real estate in the Austin area remains reasonbly priced; you can find a nice single-family home with golf views, three bedrooms and three baths for less than $400,000.

    Our real estate contact in Austin, a member of our growing network and a golfer, is familiar with all the golf course communities, private clubs and best neighborhoods in the area.  If you would like us to put you in touch with him, please let us know.  Remember there is no cost or obligation for you.  Later this year we will visit Austin for in-depth reviews of the golf communities in the area.


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