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April 2008
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Date: Apr. 25, 2008
Tags: None
 Average and median prices of single family home sales in Austin were little changed in March 2008 from March 2007, which is a far better situation from most of the rest of the country. More on that in a later blog. Numbers of home sales in Austin during March were not looking good compared to a year ago. The first chart shows numbers of sales of single family in 9 price categories. The total number of sales was 1840 (according to the sum
of the categories--the published number was 1832). The second chart shows the % change in each of the price categories and the total, which was down 21%. None of the 9 price categories showed an increase in sales, though $200,000 to $249,999 came close. The worst category was the over $1 million, which was down 68%, meaning that there were only 1/3 as many as in March a year earlier. Active listings were up 23.9% to 9,638, while average days on the market were up14.1% to 73.
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 The chart at right comes from The Economist, pg. 81 of the April 5th issue. It shows how overpriced homes are in different countries. The overpricing is said to be "not accounted for by fundamental drivers of house prices". I take that to mean the overpricing excludes ordinary inflation and probably includes increases due to speculation, perhaps enhanced by differences in currency exchange rates.
The chart below shows the Case-Schiller Home Price Indexes for various cities in the US and the Composite for the whole country. Miami and LA have symmetrical bell curves, now going down as fast as they went up. I have to say in sympathy that I'll bet the emotions are a lot stronger going down that they were on the way up. The despair as the market tanks wasn't nearly matched by the exhilaration of seeing prices go up back in 2004 & 2005. Been there, done that. Don't want to do it again.
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