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Press Releases: 2005

HOUSING MARKET REMAINS STRONG DESPITE LACK OF INVENTORY

March 21, 2005 - According to the Austin Board of REALTORS®' Multiple Listing Service Report (MLS), home sales in the Austin area show an increase over this time last year. Recent statistics indicate the number of existing single family home sales last month was 1,567, a 31 percent increase over February 2004. While sales have increased, the amount of available inventory in Austin has dropped. REALTORS® listed 8,279 active listings in the MLS system this February, a 12 percent decrease from last year.

The median home price for single family homes was reported at $159,000, an increase of six percent over February 2004's median home price.

Amount of time homes spent on the market before selling showed an increase of eight percent. The average single family home spent 83 days on the market.

The Austin Board of REALTORS® is a non-profit, voluntary organization representing more than 6,000 licensed REALTORS® in Central Texas. For further information, contact Angela Tovar or Michelle Fajkus at 512/454-7636.