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Austin dodges housing slump

10:28 PM CST on Sunday, January 27, 2008

By JESSICA VESS
KVUE News

Homes in Austin are up for sale and buyers are snatching them up. The nation may be struggling in a declining housing market with home prices plummeting because demand isn't meeting supply, but in Austin real estate agents say there's a healthy medium. Austin missed the housing slump so far.

"It's really the best time for both sides. For buyers we have a little more inventory out there right now, so you're not seeing as many multiple offer situations, but at the same time for sellers we have so many people moving here for jobs," said Allison Olson, a Keller Williams real estate agent.

However, the struggling national housing market has impacted Austin when it comes to new home projects. Developers have cut back on new homes because of the national slump. That's pushing buyers in Austin into existing homes. One home listed in central Austin opened up for buyers Sunday afternoon and within a few hours, nearly a dozen potential buyers stopped by for a peek.

"We're just out looking in the market what else is out there, you know a larger house, maybe a pool, larger square footage," said home buyer Craig Davis.

Currently there are 10,000 homes listed in Austin's housing market. Agents say homes in central Austin typically see a large turnout and can bring in higher sales because of it's proximity to the city.

“The closer you get to the Capitol, the stronger a seller's market it is. Again, it has to do with the pricing,” said Olson.

Still, the suburbs are catching up on city sales. One home in Round Rock went on the market Sunday afternoon and is expected to sell in a matter of weeks. Agents say convenient commutes with the toll roads have helped. Home sales in general have gone up 6 percent over the past year in Austin and more homes have entered the market.

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