High Mortgage Loan Demand in Austin, TX

While areas such as the South Florida housing market are simply hoping new home purchases pick up soon, those from the Austin, Texas sector needn’t worry about it.

According to the latest numbers from the Austin Board of Realtors, properties are not remaining on the market for very long.

In fact, Austin’s latest multiple listing service report posts records for single-family home sales and monthly revenue. There’s no shortage of applicants for mortgage loans in the city.

More than 2,300 single-family homes sold in September, a 3 percent increase from the previous year and a record for the month. The median price was up three percent to $167,000.

Altogether, single-family home sales contributed a record $533.6 million to the local economy - up 9 percent from September 2005. Active single-family listings moved 5 percent higher from 2005 to 8,203. Also, the amount of time these listings sat on the market dropped 15 percent, to an average of 58 days.

“If you want proof that Austin is a real estate hot zone, all you have to do is look out your window,” Board Chairman John Rosshirt said.

It doesn’t get any simpler than that. Other regions across the nation can only hope for a similar surge in mortgage buyers in order for their inventory to decrease.