The March housing statistics were released today (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 6.8% increase in the number of homes sold compared to February 2010.  On a year-over-year basis, the number of homes sold in March 2010 increased by 16.1% over March 2010.  Distressed properties (foreclosures and short sales) accounted for 35% of the national sales in March (unchanged from the previous month).  The average price of a distressed sale was 15% lower than non-distressed sales.  44% of the buyers in March were first-time buyers (19% were investors and 37% were repeat).

The Austin numbers look good.  Compared to March 2009, the number of homes sold was up a very healthy 33.4%.  Austin has now shown 7 months in a row of year-over-year comparison increases (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.  Median prices were down slightly so I believe we are nearing the bottom, but not yet there.

 In Texas, the March sales figures were good, but not as great as they were for Austin.  The year-over-year comparison to March 2009 shows that the number of homes sold was up 15.6%.  The median price was up 3.6%

March 2010 Existing Home Sales

  Austin Texas USA
Number of Homes Sold

 

    
vs. March 2009 33.4% 15.6% 16.1%
vs. February 2010 56.7% 48.0% 6.8%
Year-to-Date vs. 2009 18.7% 4.4% *
Year-to-Date vs. 2008 -17.5% -19.4% *
       
Price of Homes Sold      
Average vs. March 2009 -2.0% 5.2% 1.9%
Median vs. March 2009 0.3% 3.6% 0.4%
       
Housing Inventory      
Months Supply vs. March 2009 1.5% 1.4% -11.3%
# Homes for Sale vs. March 2009 5.0% -0.1% -5.5%

* National numbers are seasonally adjusted so no year-to-date numbers are provided.