Last month, home sales in Austin experienced a 32 percent year-over-year increase.  According to the Austin Board of Realtors, 1,973 homes were sold in Austin last month and 1,499 were sold in July 2010.   Also, the median selling price of a home in Austin decreased by 11 percent to $196,750.

Mark Sprague, director of business development for Mission Mortgage, said, “Record low mortgage rates and affordability, stable values, and good job creation continue to be a blessing to the Austin market.”

In addition, experts say a shrinking home and rental market in Austin have led people looking to buy homes to act.  In July, there were 20 percent fewer homes for sale in the area than in July 2010.  A total of 9,393 homes were for sale last in Austin last month.

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(Source)