Austin Mortgage Market Update – For the week of January 31, 2011
Last week was packed with housing market data and the news does keep getting better even though the media hasn't caught on quite yet. Wednesday saw December New Home Sales UP 17.5%, blowing away forecasts with a 329,000 annual rate. The supply of new homes dropped to 6.9 months and the new homes inventory slid to 190,000, down 66.8% from its 2006 peak and at the lowest level since 1968. More good news came with an 8.5% boost in the median home price versus a year ago, to $241,500, its highest level since April 2008. The average home price registered a 4.7% gain compared to a year ago.