first time buyers

These days, the national mortgage crisis is big news. As home prices drop, delinquencies rise, and foreclosures continue to grow, the national picture remains bleak.

On July 20, June MLS numbers were released, showing the first drop in June sales in five years, even as prices rose by more than 7%.

As the strength of the Austin market has defied national trends over the last year, it's natural to worry whether this might signal the beginning of the end.

June sales were announced today by the Austin Board of Realtors and the news is interesting: volumes were down 6% from June of 2006 while prices were up by 7%.

This was the first June drop in volume in the Austin market in 5 years.

What is going on? Does this mark an end to Austin's defiance of national trends?

How will this effect downtown condo sales?