May 2007 Market Report: Austin Market Heats Up in May

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The weather is getting hotter and so is the Austin real estate market. The latest Multiple Listing Service (MLS) Report from the Austin Board of REALTORS® indicates local home sales remain strong.

The 2,679 single family homes sold in May 2007 represent a two percent increase from one year ago and are a record for the month. These sales contributed $671,716,386 to the local economy, up eight percent from May 2006. The median price for single family homes rose five percent from May 2006 to $183,160, also a record for May.

The number of active listings for May 2007 was 8,821, representing an eight percent increase from one year ago, while the number of new listings rose nine percent from May 2006 to 4,146. The average number of days on market fell seven percent from one year ago to 55 days.

"This is an exciting time for the local real estate industry," says ABoR Chairman Charles Porter. "While the national market is slowing down, Austin continues to experience steady growth. And a healthy housing market benefits the entire local economy."

Austin's robust housing market has been noted by the Office of Federal Housing Enterprise Oversight. A survey of home appreciation rates in the first quarter of 2007 shows that prices in Austin rose over 10 percent, more than double the national average appreciation rate of approximately four percent. Across Texas, home prices saw a nearly seven percent increase.

May 2007 Single Family Homes

  • 2,679 was the number of homes sold in May, up two percent from one year ago and a May record
  • $183,160 was the median price for homes, up five percent from the previous year and a record for the month
  • $671,716,386 was the total dollar volume single family home sales contributed to the local economy, up eight percent from 2006
 

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