Central Texas home sales rise to the highest point in 6 years!

Central Texas exisiting home sales rose 8% in June compared to at the same point last year.

The Austin Board of Realtors monthly report showed that realtors sold 2,767 in June and this is important because it is the highest number for the month of June since the housing bubble burst in 2007.  Along with the home sales, the median price rose 8%.

For the month of June, homes spend an average of 43 days on the market, compared to 59 days in June of last year.  Not only that but the number of active listings fell by 22% and homes under contract were up 16%.

The main reason for the rise in home sales is because of the basic economic principle of supply and demand.  The demand for housing is high in the Central Texas area because of job growth and interest rates though increasing, is still low.  However the supply of housing has lowered over the past few years, less homes on the market means the less competition a home owner has when selling a home.