Home prices in Austin, that dot of blue in a sea of Texas red, are cooling, remaining constant for the last year after four years of increases, according to the Austin American-Statesman. The Austin Board of Realtors reports that Central Texas home sales fell for the 15th consecutive month, as the area suffers from the national real estate slowdown. Home prices remained constant, with a median of $182,600. Local real estate experts say this is a sign that prices will fall, which could bring more buyers into the market. Some observers say prices could drop as much as 10 percent within the next year. Nationally, the median home price is down almost 10 percent this year. But Austin area prices have held up despite sales declines across all price ranges. September sales of single-family homes in Austin totaled nearly $407 million, down 11 percent from a year earlier. It took an average of 71 days to sell a house — 11 days longer than a year earlier. Mortgage rates, now at about 6.25 percent, could climb to the mid-7 percent range in the next six months, further squeezing buyers and forcing some sellers to cut prices.
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