May 2008 Market Report: Austin-Area Real Estate Market Remains Stable

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As buying season heats up in Central Texas, the May 2008 Austin Board of REALTORS® Multiple Listing Service (MLS) report indicates single-family home sales are up slightly since April 2008, homes are spending fewer days on the market and overall, the real estate market continues to reflect conditions similar to those of 2005.

“Despite economic conditions across the nation, Austin continues to have a relatively low unemployment rate and cost of living index,” said ABoR Chairman Socar Chatmon-Thomas. “While we’re not enjoying the booming real estate markets of 2006 and 2007, we have seen steady increases in sales volume since January 2008.”

Single-family home sales in May 2008 reached their highest point in eight months, totaling 2,154 and contributing $566,827,254 to the local economy. The median price for single-family properties was $196,120 while active listings increased to 10,577. Homes sold in May 2008 also fell, averaging a total of 64 days on the market.

May 2008 Single-Family Homes

  • 2,154 was the number of single-family homes sold, a 20 percent decrease as compared to May 2007
  • $196,120 was the median price for single-family homes, a seven percent increase from May 2007
  • $566,827,254 was the total dollar volume of properties sold, a 16 percent decrease from May 2007.

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