Industry News

Austin real estate sales climb 15%

Market sees impressive gains for fifth month

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Single-family home sales in the Austin, Texas, area posted a fifth consecutive month of double-digit growth in May, setting a record for the month, according to latest Multiple Listing Service report from the Austin Board of Realtors. Sales of single-family homes totaled 2,620 in May, up 15 percent from a year ago, the board reported. The median price of a single-family home in May rose to a record-high of $174,000 for the month, up 8 percent from a year ago. However, May's figure is down from April's median of $175,000. While 3,812 new listings entered the market in May -- up 11 percent from May 2005 -- the total number of active listings fell 2 percent to 8,172. Overall these properties sat on the market for 58 days, a 12 percent decrease from a year ago. Other property types reported prosperous sales, as 337 townhouse/condominium sales were recorded in May, up 54 percent from a year earlier. The median price in this segment rose 2 percent from a year ago to $145,500...