The February housing statistics were released on March 23 (the national numbers are provided by the National Association of Realtors while the Texas numbers are from The Real Estate Center at Texas A&M University).  Nationally, the numbers show a 0.6% decrease in the number of homes sold compared to January 2010.  On a year-over-year basis, however, the number of homes sold in February 2010 increased by 7.0% over February 2009.  Distressed properties (foreclosures and short sales) accounted for 35% of the national sales in February.  42% of the buyers in February were first-time buyers (19% were investors and 39% were repeat).

The Austin numbers look good.  Compared to February 2009, the number of homes sold was up 6.8%.  This is the sixth month in a row that the year-over-year comparison showed an increase (prior to this streak we had 27 months in a row of declines for the year-over-year numbers).  This is a very positive sign that indicates we may be nearing the bottom locally.  Because prices were down slightly, I'm not going to claim that we have hit bottom. 

In Texas, the January sales figures weren't as great as they were for Austin.  The year-over-year comparison to February 2009 shows that the number of homes sold was down 2.1%.  On the positive side, prices were up.

February 2010 Existing Home Sales

  Austin Texas USA
Number of Homes Sold      
Vs. February 2009 6.8% -2.1% 7.0%
Vs. January 2010 26.6% 27.9% -0.6%
Year-to-Date vs. 2009 8.3% -3.3% *
Year-to-Date vs. 2008 -27.3% -28.0% *
       
Price of Homes Sold      
Average vs. February 2009 -0.6% 4.1% 0.1%
Median vs. February 2009 -3.1% 2.1% -1.8%
       
Housing Inventory      
Months Supply vs. Feb 2009 1.6% 3.0% -11.3%
# Homes for Sale vs. Feb 2009 -1.0% -3.0% -5.5%
       
* National numbers are seasonally adjusted so no year-to-date numbers are provided.