Austin House Market Explodes!

The Statesman reports today that Central Texas' housing market exploded last month, increasing 24% in sales and raising the median home price to $170k, up 15% from October. Over 1,850 homes were sold in November, up by 300 from the same time last year. And whom will this benefit the most?

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.