Local housing median sales prices  set a record at $202,800 in June 2010 according to numbers compiled by the Austin Board of Realtors. How is this possible given the current economy?
    The Austin market has been relatively stable over the past two years: housing prices have only dropped between one and two percent. The June 2010 record numbers are caused primarily by two factors: 1) the first time buyer tax credit, and 2) availability of jumbo loans.
    To qualify for the $8000 credit, many buyers shifted their plans ahead to spring. In the succeeding months, we are seeing fewer written contracts for homes in the entry level price range. A reverse trend is occurring on the opposite end of the spectrum.
    A year ago, jumbo loans (over $417k) were almost impossible to get. Today, sales volume is up in higher income neighborhoods. In the West Lake Hills area (8E & 8W) for example, there were 85 homes sold in June 2010 compared to only 47 for the same month a year ago.
    While the overall Austin sales volume in June remained stable (2216 in 2010 vs 2254 in 2009), a larger percentage occured in the higher priced range which helped pull the median price up. In general, higher median sales prices usually signify a robust  market. But in the summer of 2010, sales volume is a truer indicator of  local housing trends.

Note: Residential data includes single-family, townhouses and condominiums.
http://recenter.tamu.edu/data/hs/hs140b.htm